Savings of Income for Retirement Act
Latest action. Referred to Senate Committee on Finance.
Savings of Income for Retirement Act - Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement savings account (IRA): (1) by individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,000 (currently $1,500), adjustable annually for increases in the Consumer Price Index; and (2) by certain married individuals to the lesser of 20 percent (currently 15 percent) of annual compensation or $2,400 (currently $1,750), adjustable annually for increases in the Consumer Price Index. Increases the amount of the deduction for contributions to an owner-employee retirement plan (Keogh) by a self-employed individual to the lesser of 20 percent (currently 15 percent) of annual earned income or $10,000 (currently $7,500), adjustable annually for increases in the Consumer Price Index, but only after the deductible amount for an individual's contributions to an IRA has reached $5,000. Allows a new income tax deduction for amounts paid in cash by an individual for his own benefit to: (1) a qualified pension, profit-sharing, or stock bonus plan; (2) an annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement account (IRA), or a retirement bond; or (5) a group retirement trust. Limits the amount of such deduction to the lesser of ten percent of annual compensation or $1,000. Places limitations on such deduction for amounts paid to certain IRA accounts, retirement annuities, or bonds. Denies such deduction to any individual claiming a deduction for such contributions under certain existing Code provisions. Denies such deduction to any highly compensated participant unless the employer certifies that specified discrimination standards have been met.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 23, 1979. 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 October 23, 1979: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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?
HARRISON WILLIAMS (D-NJ) introduced it on October 23, 1979, and 3 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 2 Republicans.
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 October 23, 1979, 17124 days ago. The most recent recorded action was 17124 days ago, on October 23, 1979.
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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers