Summary: H.R.12561 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for H.R.12561. Bill summaries are authored by CRS.

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Introduced in House (05/04/1978)

Amends the Internal Revenue Code to allow a deduction from the gross income of an employee for cash contributions made for his benefit to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; or (4) an individual retirement account. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.