To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments by excluding from income a portion of such payments.
Lifetime Pension Annuity for You Act of 2005 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as lifetime income payments from certain annuity contracts. Limits the amount of such exclusion to $5,000 in any taxable year. Provides for an inflation adjustment of the $5,000 limitation beginning in 2007.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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