A bill to amend the Internal Revenue Code of 1954 to increase the allowable contributions to individual retirement plans and to allow employees a deduction for savings contributions to employer retirement plans or to individual retirement accounts.
Latest action. Referred to House Committee on Ways and Means.
Amends the Internal Revenue Code to increase the maximum amount of the deduction allowed for contributions to specified individual retirement accounts. Eliminates the restriction prohibiting active participants in specified other plans from taking such a deduction. Revises the formula for the determination of amounts considered "excess contributions." Increases the amount which may be accepted by an individual retirement account in any taxable year. Permits the acceptance of excess contributions which, aggregated with those for prior taxable years, exceed a specified amount. Revises the procedure by which amounts or annuities paid or distributed become taxable. Excludes from consideration as early distributions requiring additional tax amounts withdrawn in connection with specified educational expenses or specified expenses in connection with the purchase of a first dwelling. Excludes from gross income, for purposes of the tax treatment of annuities, contributions made to individual retirement accounts allowed as deductions for retirement savings. Removes the exclusion from the gross estate, for purposes of the estate tax, of annuities receivable under specified individual retirement accounts. Permits, for purposes of the gift tax, proportionate exclusion from transfers to beneficiaries of amounts attributable to employee contributions. Sets forth the procedure for deduction of qualified retirement savings contributions. Provides for the treatment of such contributions allowed to be deducted as employer contributions.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on September 24, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 24, 1980: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
W. MOORE (R-LA) introduced it on September 24, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 24, 1980, 16787 days ago. The most recent recorded action was 16787 days ago, on September 24, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers