H.R. 4714 · 108th Congress
Retirement Savings Account Act
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
JohnsonSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year.
What it does: CRS summary · Introduced in House · Jun 25, 2004
Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year.
Allows tax free distributions from RSAs after the account beneficiary attains age 58, dies, or becomes disabled.. Allows conversions of individual retirement accounts (IRAs) into RSAs and provides special rules for the tax treatment of amounts converted into an RSA prior to 2006. Requires a five-year holding period for amounts converted to an RSA from an IRA or an Employer Retirement Savings Account.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Savings Account Act
Latest action (Jun 25, 2004): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 25, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.