A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit for contributions to certain investment accounts, to exempt the earnings on such accounts from tax, and to exempt from tax certain distributions from such accounts.
Investment Credit Incentive Act of 1981 - Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for contributions to an investment account trust. Permits a credit of ten percent of the sum of the amounts paid in cash or the fair market value of securities transferred during the taxable year to the account. Provides for a maximum credit of $500.
Exempts investment account trusts and certain distributions from such trusts from income taxation.
Referred to House Committee on Ways and Means.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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