Retirement Savings Account Act
Latest action · Mar 8, 2005 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 8, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 2007. Requires a five-year holding period for amounts converted to an RSA from an IRA or an Employer Retirement Savings Account.
Cosponsors 2
Members who signed on, in the order they did. All signed on Mar 8, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-PA | Phil English | Original | Mar 8, 2005 |
| R-OH | Rob Portman | Original | Mar 8, 2005 |
Actions 2
Everything that happened, newest first.
- Mar 8, 2005Introduced in House
- Mar 8, 2005Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 546 | Retirement Savings Account Act | Identical bill | Mar 8, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Annuities
- Cost of living adjustments
- Economics and Public Finance
- Excise tax
- Families
- Finance and Financial Sector
- Income tax
- Indexing (Economic policy)
- Individual retirement accounts
- Insurance premiums
- Labor and Employment
- Married people
- Pension funds
- Social Welfare
- Tax deductions
- Tax exclusion
- Tax penalties
- Tax-deferred compensation plans
- Taxation
Text 1
Each version as it was printed, newest first.
- Mar 8, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.