HR 7614 · 96th Congress · Taxation

Savings Incentive Act of 1980

Introduced 1980-06-18· Sponsored by Rep. Lowry, Mike [D-WA-7]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1980-06-18)

Plain Language Summary

[AI summary unavailable — showing source text] Savings Incentive Act of 1980 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts on deposit with a bank, mutual savings bank, or credit union. Disallows income tax deductions for interest paid on credit card debt.…

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