A bill to amend the Internal Revenue code of 1986 to modify the definition of compensation for purposes of determining the limits on contributions to individual retirement accounts and annuities, and for other purposes.
IRA Equity Act of 2005 - Amends the Internal Revenue Code to allow taxpayers to: (1) include wage replacement income in computing the allowable tax deduction for contributions to retirement savings accounts; and (2) elect to include certain unused income from prior taxable years in computing such tax deduction. Defines "wage replacement income" as amounts received by disabled individuals, unemployment compensation, workers' compensation, or other income deemed wage replacement income under Treasury regulations.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S13504)
Read twice and referred to the Committee on Finance.
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