Summary: H.R.1026 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.1026. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/14/2001)

Increased Individual Retirement Accounts for All Act of 2001 - Amends the Internal Revenue Code to: (1) increase the annual limitation on deductible contributions to individual retirement accounts (IRAs) to $5,000 and provide a cost-of-living adjustment to such amount; (2) provide for increased "catch-up" contributions for individuals aged 50 or older; and (3) until December 31, 2005, allow a nonrefundable credit to certain individuals for elective deferrals and IRA contributions.