[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1357 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1357

  To amend the Internal Revenue Code of 1986 to increase the maximum 
 amount which may be contributed annually to an individual retirement 
    plan to $5,000 and to increase the maximum amount which may be 
 contributed annually to an education individual retirement account to 
                                $2,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 25, 1999

  Mr. Souder (for himself, Mr. Frost, Mr. Fossella, Mrs. Emerson, Mr. 
Shows, Mr. Forbes, Mr. Paul, Mr. Wynn, Mr. Hostettler, Mr. Nethercutt, 
    Mr. Burr of North Carolina, and Mr. Gary Miller of California) 
 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 increase the maximum 
 amount which may be contributed annually to an individual retirement 
    plan to $5,000 and to increase the maximum amount which may be 
 contributed annually to an education individual retirement account to 
                                $2,000.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement and Education Assets 
Power Act''.

SEC. 2. INCREASE IN MAXIMUM ANNUAL CONTRIBUTION TO INDIVIDUAL 
              RETIREMENT PLAN.

    (a) In General.--Subparagraph (A) of section 219(b)(1) of the 
Internal Revenue Code of 1986 (relating to maximum amount of deduction) 
is amended by striking ``$2,000'' and inserting ``$5,000''.
    (b) Conforming Amendments.--Subsections (a)(1), (b), (j), and 
(p)(8) of section 408 of such Code are each amended by striking 
``$2,000'' each place it appears and inserting ``$5,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1999.

SEC. 3. INCREASE IN MAXIMUM ANNUAL CONTRIBUTION TO EDUCATION INDIVIDUAL 
              RETIREMENT ACCOUNT.

    (a) In General.--Section 530(b)(1)(A)(iii) of the Internal Revenue 
Code of 1986 is amended by striking ``$500'' and inserting ``$2,000''.
    (b) Conforming Amendment.--Section 4973(e)(1)(A) of such Code is 
amended by striking ``$500'' and inserting ``$2,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1999.
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