A bill to amend the Internal Revenue Code of 1954 to allow taxpayers to contribute $2,000 a year to certain retirement savings plans (in addition to the amount allowed as a deduction) without incurring liability for excess contributions tax, and to provide incentives for retirement savings by increasing the maximum amount of annual deduction allowable for deposits into individual retirement accounts and by permitting active participants in employer plans to establish such accounts.
Retirement Incentive Savings Act of 1981 - Amends the Internal Revenue Code to allow taxpayers to contribute $2,000 in addition to the amount allowable as an income tax deduction to an individual retirement account (IRA) without incurring liability for the tax on excess contributions.
Increases to $2,000 the maximum amount of the income tax deduction for contributions to an IRA. Allows a $1,000 deduction for contributions by participants in tax-qualified employer pension plans.
Became Public Law No: 97-34.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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