Summary: H.R.5322 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.5322. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/09/2006)

Retirement Enhancement Act of 2006 - Amends the Internal Revenue Code to increase limits on contributions to certain tax-exempt retirement plans, including: (1) individual retirement accounts; (2) deferred compensation plans, including plans of state and local governments and tax-exempt organizations; and (3) defined contribution plans.

Allows a one-time taxpayer election to double adjusted gross income levels used to determine the allowable amount of the tax credit for retirement savings contributions. Makes such tax credit permanent.