[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3620 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 3620

  To amend the Internal Revenue Code of 1986 to allow individuals an 
     additional IRA deduction based on unused amounts of deduction 
                       limitation in prior years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2000

 Mr. Horn (for himself, Mr. Houghton, Mrs. Johnson of Connecticut, Mr. 
    Gilman, Mr. Bilbray, Mr. Boehlert, Mr. Calvert, Mr. Oxley, Mrs. 
 Biggert, Mr. Gallegly, Mr. Gibbons, Mr. Gilchrest, Mr. Greenwood, Mr. 
Hefley, Mr. Istook, Mr. Kingston, Mr. Kuykendall, Mr. LaHood, Mr. Mica, 
   Mr. Paul, Ms. Pryce of Ohio, Mr. Smith of Michigan, Mr. Weldon of 
Pennsylvania, and Mr. Walden of Oregon) 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 allow individuals an 
     additional IRA deduction based on unused amounts of deduction 
                       limitation in prior years.

    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 ``____ Act of 1999''.

SEC. 2. MAXIMUM IRA DEDUCTION INCREASED BY PORTION OF UNUSED PRIOR 
              DEDUCTION LIMITATIONS.

    (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 to read as follows:
                    ``(A) the sum of--
                            ``(i) $2,000, and
                            ``(ii) the lesser of--
                                    ``(I) $2,000, or
                                    ``(II) the aggregate of the unused 
                                deduction limitations (as defined in 
                                paragraph (5)) for all prior taxable 
                                years, or''.
    (b) Unused Deduction Limitation.--Subsection (b) of section 219 of 
such Code is amended by adding at the end the following new paragraph:
            ``(5) Unused deduction limitation.--For purposes of 
        paragraph (1), the unused deduction limitation for any prior 
        taxable year is the excess of--
                    ``(A) the lesser of--
                            ``(i) $2,000, or
                            ``(ii) the compensation includible in the 
                        individual's gross income for such taxable 
                        year, over
                    ``(B) the amount of qualified retirement 
                contributions of such individual for such taxable 
                year.''
    (c) Conforming Amendments.--Sections 408(a)(1), 408(b), 408(j), and 
408(p)(8) of such Code are each amended by striking ``$2,000'' each 
place it appears and inserting ``$4,000''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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