Family Reinvestment Act of 1995 - Amends the Internal Revenue Code to increase the retirement savings deduction and the maximum individual retirement account contribution from $2,000 to $2,500. Raises income phase-out limits. Allows such a deduction for nonemployed spouses. Provides an inflation adjustment for retirement savings deductions.
Excludes from gross income qualified distributions from certain retirement plans for first-time homebuyers and higher education expenses of the taxpayer, spouse, or child. Requires the repayment of such amounts with interest.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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