H.R.682 - Savings and Investment Incentive Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Thomas, William M. [R-CA-21] (Introduced 01/25/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/12/1995 Committee Hearings Held. (All Actions)|
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Summary: H.R.682 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (01/25/1995)
TABLE OF CONTENTS:
Title I: Retirement Savings Incentives
Subtitle A: Restoration of IRA Deduction
Subtitle B: Nondeductible Tax-Free IRAs
Title II: Penalty-Free Distributions
Title III: Aid to Families with Dependent Children
Savings and Investment Incentive Act of 1995 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to restore the deduction for individual retirement plans (IRAs).
Provides a phase-up of income limits (from 1995 through 1998) with respect to the limitation on the deductibility of contributions to IRAs by active participants in employer-maintained plans. Removes the spousal rule from such limitation. Terminates income limits after December 31, 1998. Provides an inflation adjustment for deductible amounts after 1995.
Allows certain spouses a full deduction for contributions to an IRA.
Makes certain coins and bullion ineligible as collectible investments for purposes of distributions from an IRA.
Coordinates the limit on such deduction with the elective deferral limit under other pension provisions.
Subtitle B: Nondeductible Tax-Free IRAs - Allows individuals to establish individual retirement plus (IRA plus) accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible. Excludes distributions from such accounts from the gross income of the distributee, if the assets remain in such accounts for at least five years. Allows qualified transfers to be made to such accounts. Establishes penalties for early withdrawals and excess contributions.
Title II: Penalty-Free Distributions - Allows distributions from certain retirement plans without penalty to: (1) purchase first homes; (2) pay higher education expenses; (3) pay long-term care insurance premiums; (4) pay financially devastating medical expenses; and (5) assist certain unemployed individuals.
Title III: Aid to Families with Dependent Children - Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to exclude from AFDC eligibility determinations certain income and resources that are to be used for education, training, and employability purposes.
Requires the Secretary of Health and Human Services to report to specified congressional committees on the use of qualified asset accounts.
Requires the Secretary to report to the Congress on a revision of the AFDC limit on automobiles in order to increase the employability of AFDC recipients.