Family Investment Retirement Savings Tax (FIRST) Credit Act of 1999

Family Investment Retirement Savings Tax (FIRST) Credit Act of 1999 - Amends the Internal Revenue Act to allow an individual an annual credit ($1,000 maximum) for 50 percent of his or her deductible IRA contribution and the amount of specified retirement plan employer contributions not included in the individual's gross income. Limits such credit based upon adjusted gross income. Provides a five-year increased penalty period, with specified exceptions, for early distributions from such plans and increases the penalty tax to 60 percent (currently, ten percent).