A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who are participants in employer pension plans a credit for their contributions to such plans or for their contributions to individual retirement plans.
IRA Tax Credit Act of 1979 - Amends the Internal Revenue Code to allow participants in an employer pension plan an income tax credit equal to 25 percent of contributions made to an individual retirement account. Limits the amount of such credit to the lesser of $1,500 or 15 percent of an employee's compensation for a taxable year.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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