To amend the Internal Revenue Code of 1986 to restore the deduction for contributions to individuals retirement accounts as it existed before the Tax Reform Act of 1986 and to allow penalty-free withdrawals from such accounts for catastrophic expenses for personal, custodial, and medical care of individuals requiring such care by reasons of illness.
Individual Retirement Account Restoration and Improvement Act - Amends the Internal Revenue Code to remove limitations on the deductibility of contributions to individual retirement plans by active participants in employer-maintained plans.
Allows penalty-free withdrawals from such plans for catastrophic expenses for personal, custodial, and medical care of an ill individual if such individual is a beneficiary or the spouse, parent, or dependent of such beneficiary.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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