H.R.446 - Savings and Investment Incentive Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Thomas, William M. [R-CA-21] (Introduced 01/09/1997)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/09/1997 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.446 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (01/09/1997)
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
Savings and Investment Incentive Act of 1997 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code, with respect to the deduction for individual retirement accounts (IRAs), to increase the income limits applicable to active participants. Removes limitations on a spouse's participation.
(Sec. 102) Provides an inflation adjustment for the deductible amount.
(Sec. 103) Revises provisions concerning the allowance of certain coins and bullion as IRA investments.
Subtitle B: Nondeductible Tax-Free IRAs - Permits individuals to establish IRA Plus accounts which shall be treated similarly to an IRA plan. Prohibits deductions for contributions to such accounts. Sets forth distribution rules (including the exclusion of qualified distributions from gross income).
Title II: Penalty-Free Distributions - Permits distributions without penalty for qualified: (1) first home purchases; (2) higher education expenses; and (3) unemployed individuals.