Retirement Incentive Savings Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Retirement Incentive Savings Act of 1980 - Amends the Internal Revenue Code to exempt from income taxation interest accumulated in a tax deferred savings account which is created for the exclusive benefit of an individual taxpayer and which is maintained in a bank, savings and loan association, or a credit union. Permits cash contributions of $2,000 or less per year to such savings accounts. Specifies that distributions from tax deferred savings accounts shall be includible in the gross income of the payee, unless such distributions are reinvested within 60 days into another savings account. Provides that such accounts shall not be transferable except in cases of death or divorce. Requires the termination of a tax deferred savings account before the close of the fifth year after the death of the individual maintaining such account. Increases the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or 15 percent of an employee's taxable compensation. Permits active participants in tax- qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $1,000 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction. Increases the maximum deduction for contributions to a retirement account for certain married individuals.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on November 12, 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 November 12, 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?
JOHN LAFALCE (D-NY) introduced it on November 12, 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 November 12, 1980, 16738 days ago. The most recent recorded action was 16738 days ago, on November 12, 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