PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · May 18, 1999
Small Savers Act of 1999 -Amends the Internal Revenue Code to direct the Secretary of the Treasury to prescribe income tax rate tables that increase the maximum taxable income level for the 15 percent rate bracket and the minimum taxable income level for the 28 percent rate bracket by specified dollar amounts beginning with calendar year 2000. Excludes from individual gross income up to $250 ($500 for joint filers) of the sum of dividends from domestic corporations or interest. Sets forth related provisions with respect to: (1) distributions from regulated investment companies and real estate investment trusts; and (2) nonresident aliens. Allows as a deduction an amount equal to the lesser of: (1) the net capital gain of the taxpayer; or (2) $5,000. Increases the $2,000 IRA contribution limit to $3,000. Expresses the sense of the Congress that the enactment of this Act shall have no impact on the solvency of the social security trust funds since the revenue reductions resulting from this Act over both the 5-year and 10-year estimating periods are projected to be less than the surplus over such periods in the non-social security portion of the Federal budget.
People & committees
Rep. Graham, Lindsey [R-SC-3] · R–SC
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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