[10008]
June 12, 1998
TO: PENSION COMMITTEE No. 36-98
RE: REPRESENTATIVE POMEROY INTRODUCES IRA BILL
______________________________________________________________________________
Representative Pomeroy (D-ND) recently introduced the Family Retirement Savings Act of 1998,
H.R. 3979. This bill would permit a credit of up to 50% of the amount allowed as a deduction for IRA
contributions in any year. Taxpayers filing jointly with AGI of up to $45,000 and single taxpayers with
AGI of up to $25,000 would be eligible for this credit. Married taxpayers filing separately would not be
eligible for this provision. The amount of the credit would phase out for taxpayers filing a joint return
with AGI of $45,000 to $55,000 and for single taxpayers with AGI of $25,000 to $35,000. The bill would
prohibit a deduction for amounts taken into account to determine the credit under this provision.
A copy of H.R. 3979 is attached.
Kathryn A. Ricard
Assistant Counsel
Attachment