A bill to amend the Internal Revenue Code of 1986 to provide for a credit for contributions to individual retirement plans and a partial exclusion from gross income of dividends and interest received by individuals.
Savings and Capital Formation Act of 1989 - Amends the Internal Revenue Code to allow a tax credit of 15 percent of the qualified retirement contributions to an individual retirement plan.
Provides a partial tax exclusion of dividends and interest received by individuals.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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