legislation: 108-hr-4714

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
108-hr-4714 108 hr 4714 Retirement Savings Account Act Taxation 2004-06-25 2004-06-25 Referred to the House Committee on Ways and Means. House Rep. Johnson, Sam [R-TX-3] TX R J000174 1 Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year. Allows tax free distributions from RSAs after the account beneficiary attains age 58, dies, or becomes disabled.. Allows conversions of individual retirement accounts (IRAs) into RSAs and provides special rules for the tax treatment of amounts converted into an RSA prior to 2006. Requires a five-year holding period for amounts converted to an RSA from an IRA or an Employer Retirement Savings Account. 2023-01-15T04:49:16Z  

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