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 and to allow distributions from individual retirement accounts to be used without penalty to purchase a first home, to pay for higher education expenses, or to pay for certain medical costs of a catastrophic illness.
Individual Retirement Options Improvement Act of 1991 - 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; (2) qualified higher education expenses; and (3) qualified catastrophic illness expenses.
Allows an additional deduction for 50 percent of the contributions made to individual retirement plans.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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