HR 5693 · 96th Congress · Taxation

IRA Tax Credit Act of 1979

Introduced 1979-10-24· Sponsored by Rep. Gibbons, Sam [D-FL-7]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1979-10-24)

Plain Language Summary

[AI summary unavailable — showing source text] IRA Tax Credit Act of 1979 - Amends the Internal Revenue Code to allow participants in an employer pension plan an income tax credit equal to 25 percent of contributions made to an individual retirement account. Limits the amount of such credit to the lesser of $1,500 or 15 percent of an employee's compensation for a taxable year.…

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