[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4546 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4546

To amend the Internal Revenue Code of 1986 to permit individuals age 50 
  or older to make catchup contributions under individual retirement 
                                 plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2000

Mr. Weller (for himself, Mr. Jefferson, Ms. Pryce of Ohio, Mrs. Kelly, 
  Mr. Sessions, and Mr. Green of Wisconsin) 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 permit individuals age 50 
  or older to make catchup contributions under individual retirement 
                                 plans.

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

SECTION 1. CATCHUP CONTRIBUTIONS TO IRAS BY INDIVIDUALS AGE 50 OR OVER.

    (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 ``the deductible 
amount''.
    (b) Deductible Amount.--Section 219(b) of such Code is amended by 
adding at the end the following new paragraph:
            ``(5) Deductible amount.--For purposes of paragraph 
        (1)(A)--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the deductible amount is $2,000.
                    ``(B) Contributions for individuals who have 
                attained age 50.--In the case of an individual who has 
                attained the age of 50 before the close of the taxable 
                year, the deductible amount is $5,000.''
    (c) Conforming Amendments.--
            (1) Section 408(a)(1) of such Code is amended by striking 
        ``in excess of $2,000 on behalf of any individual'' and 
        inserting ``on behalf of any individual in excess of the 
        deductible amount (as defined in section 219(b)(5))''.
            (2) Section 408(b)(2)(B) of such Code is amended by 
        striking ``$2,000'' and inserting ``the deductible amount (as 
        defined in section 219(b)(5))''.
            (3) Section 408(b) of such Code is amended by striking 
        ``$2,000'' in the matter following paragraph (4) and inserting 
        ``the deductible amount (as defined in section 219(b)(5))''.
            (4) Section 408(j) of such Code is amended by striking 
        ``$2,000''.
            (5) Section 408(p)(8) of such Code is amended by striking 
        ``$2,000'' and inserting ``the deductible amount (as defined in 
        section 219(b)(5))''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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