legislation: 96-hr-8320

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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
96-hr-8320 96 hr 8320 Retirement Incentive Savings Act of 1980 Taxation 1980-11-12 1980-11-12 Referred to House Committee on Ways and Means. House Rep. LaFalce, John J. [D-NY-36] NY D L000556 0 Retirement Incentive Savings Act of 1980 - Amends the Internal Revenue Code to exempt from income taxation interest accumulated in a tax deferred savings account which is created for the exclusive benefit of an individual taxpayer and which is maintained in a bank, savings and loan association, or a credit union. Permits cash contributions of $2,000 or less per year to such savings accounts. Specifies that distributions from tax deferred savings accounts shall be includible in the gross income of the payee, unless such distributions are reinvested within 60 days into another savings account. Provides that such accounts shall not be transferable except in cases of death or divorce. Requires the termination of a tax deferred savings account before the close of the fifth year after the death of the individual maintaining such account. Increases the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or 15 percent of an employee's taxable compensation. Permits active participants in tax- qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $1,000 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction. Increases the maximum deduction for contributions to a retirement account for certain married individuals. 2025-09-02T13:55:07Z  

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