HR 1401 · 97th Congress · Taxation

Savings Incentive Act of 1981

Introduced 1981-01-28· 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: See H.R.4242.(1981-08-04)

Plain Language Summary

[AI summary unavailable — showing source text] Savings Incentive Act of 1981 - 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, a mutual savings bank, or a credit union. Disallows income tax deductions for interest paid on credit card debt.…

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