A bill to amend the Internal Revenue Code of 1986 to encourage savings by increasing the amount of deductible contributions which may be made to an individual retirement account, to allow distributions from individual retirement accounts to be used without penalty to purchase a first home or to pay for higher education expenses, and for other purposes.
Savings and Investment Incentive Act of 1989 - Amends the Internal Revenue Code to exempt from the ten percent penalty tax on early distributions from qualified retirement plans: (1) first-time homebuyer distributions; and (2) qualified higher education expenses.
Allows a deduction for 50 percent of the contributions made to individual retirement plans.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance. Hearings held. Hearings printed: S.Hrg. 101-697.
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