HR 5497 · 110th Congress · Taxation

Kids IRA Act of 2008 (K-IRA)

Introduced 2008-02-26· Sponsored by Rep. Murtha, John P. [D-PA-12]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2008-02-26)

Plain Language Summary

[AI summary unavailable — showing source text] Kids IRA Act of 2008 (K-IRA) - Amends the Internal Revenue Code to establish young savers account for individual taxpayers under age 26. Treats such accounts as Roth individual retirement accounts (Roth IRAs) for income tax purposes. Allows a tax deduction for contributions to young savers accounts, up to $5,000 a taxable year.…

Summarized by Claude AI · Non-partisan · For informational purposes only