A bill to amend the Internal Revenue Code of 1954 with respect to the limitations on deductions for contributions to qualified plans.

Amends the Internal Revenue Code to limit the income tax deduction for contributions of an employer to an employees' trust or annuity plan to 100 percent of the compensation paid or accrued during the taxable year to the beneficiaries of such a trust or plan.

Increases the limitation for maximum allowable benefits in the case of certain employees receiving benefits under both a defined benefit plan and a defined contribution plan.

Applies the 25 percent limit on deduction for contribution to multiple plans to combinations for defined contribution and defined benefit plans.