[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2375 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2375

To amend the Internal Revenue Code of 1986 to increase the contribution 
            limits applicable to simple retirement accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 5, 2003

    Ms. Millender-McDonald 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 contribution 
            limits applicable to simple retirement accounts.

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

SECTION 1. INCREASE IN CONTRIBUTION LIMITS APPLICABLE TO SIMPLE 
              RETIREMENT ACCOUNTS.

    (a) In General.--Subparagraph (E) of section 408(p)(2) of the 
Internal Revenue Code of 1986 (relating to applicable dollar amount; 
cost-of-living adjustment) is amended to read as follows:
                    ``(E) Applicable dollar amount.--For purposes of 
                subparagraph (A)(ii), the applicable dollar amount for 
                any year beginning in any calendar year is the excess 
                of--
                            ``(i) the applicable dollar amount 
                        determined under section 402(g)(1)(B) for 
                        taxable years beginning in such calendar year, 
                        over
                            ``(ii) $2,000.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to years beginning after December 31, 2003.
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