A bill to amend the Internal Revenue Code of 1954 to provide incentives for savings by individuals.
Comprehensive Savings Incentive Act of 1981 - Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
Increases to $2,500 ($3,000 for married couples) the amount of retirement savings contribution allowable as a deduction. Increases from 60 to 70 percent the amount of the capital gain deduction.
Reduces the rate of the alternative minimum tax on individuals. Reduces the rate of the alternative tax on the capital gains of corporations from 28 to 21 percent.
Became Public Law No: 97-34.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line