Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement account (IRA) by individuals to the lesser of the individual's annual compensation or $2,000. Allows pension plan participants and government employees a $1,000 tax deduction.
Increases from $7,500 to $15,000 the annual income tax deduction for contributions to pension plans for self-employed individuals (Keogh plans).
Allows individuals to withdraw amounts from retirement accounts or Keogh plans without penalty for the purchase of a home or the purchase of depreciable business assets.
Stipulates that individual retirement accounts and Keogh plans be referred to as "Individual Savings and Investment Accounts."
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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