Summary: H.R.4849 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.4849. Bill summaries are authored by CRS.

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Introduced in House (07/15/2004)

Retirement Security for Life Act of 2004 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2006.