H.R.5322 - Retirement Enhancement Act of 2006109th Congress (2005-2006)
|Sponsor:||Rep. Brown-Waite, Ginny [R-FL-5] (Introduced 05/09/2006)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/09/2006 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5322 — 109th Congress (2005-2006)All Information (Except Text)
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.