[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1652 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1652

To amend the Internal Revenue Code of 1986 to provide that individuals 
 who have attained age 59\1/2\ may contribute to individual retirement 
             accounts without regard to their compensation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 16, 1995

  Mr. Shays introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide that individuals 
 who have attained age 59\1/2\ may contribute to individual retirement 
             accounts without regard to their compensation.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. IRA CONTRIBUTIONS FOR INDIVIDUALS ATTAINING AGE 59\1/2\ 
              DETERMINED WITHOUT REGARD TO COMPENSATION.

    (a) In General.--Section 219(b) of the Internal Revenue Code of 
1986 (relating to maximum amount of deduction) is amended by adding at 
the end the following new paragraph:
            ``(4) Special rule for individuals who have attained age 
        59\1/2\.--In the case of an individual who attains age 59\1/2\ 
        before the close of such individual's taxable year, paragraphs 
        (1)(B) and (3)(B) shall be applied for such year and each 
        taxable year thereafter, by substituting `the income' for `the 
        compensation' or `the compensation (as defined in section 
        415(c)(3))', respectively.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
                                 <all>