To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Referred to the House Committee on Ways and Means.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Sep 28, 1996

Amends the Internal Revenue Code to allow penalty-free (and exclude from income if repaid) distributions from an individual retirement account (IRA) for first home purchases, higher education expenses, qualified long-term care expenses, and qualified unemployment distributions. Increases deductible IRA contribution amounts, and provides for inflation indexing. Eliminates the phase-out for individuals who are not active participants in defined contribution plans, and increases applicable dollar amounts for taxpayers other than those married filing separately. Increases 401(k) plan contribution limits. Establishes an alternative method for satisfying nondiscrimination requirements. Excludes inherited IRAs and certain 401(k) plans from a decedent's gross estate. Allows a designated beneficiary of an inherited IRA to hold such IRA free of immediate distribution provisions. Allows inherited 401(k) amounts as nondeductible contributions to a beneficiary's IRA, and excludes such amounts from income if so contributed.

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People & committees

Who introduced it

Rep. McCollum, Bill [R-FL-8] · R–FL

Committees

Ways and Means Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Sep 28, 1996
Referred to the House Committee on Ways and Means.
Sep 28, 1996
Introduced in House
Sep 28, 1996
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Sep 28, 1996 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Feb 7, 2024. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.4311 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.4311, 104th Congress: To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Official record: https://www.congress.gov/bill/104th-congress/house-bill/4311

Text version to examine: Introduced in House · 1996-09-28.

Official full text: https://www.congress.gov/104/bills/hr4311/BILLS-104hr4311ih.htm

Imported record last updated by the source: 2024-02-07T16:40:39Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.4311 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.4311 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.4311, 104th Congress: To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Official record: https://www.congress.gov/bill/104th-congress/house-bill/4311

Text version to examine: Introduced in House · 1996-09-28.

Official full text: https://www.congress.gov/104/bills/hr4311/BILLS-104hr4311ih.htm

Imported record last updated by the source: 2024-02-07T16:40:39Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4311 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.4311 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.4311, 104th Congress: To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Official record: https://www.congress.gov/bill/104th-congress/house-bill/4311

Text version to examine: Introduced in House · 1996-09-28.

Official full text: https://www.congress.gov/104/bills/hr4311/BILLS-104hr4311ih.htm

Imported record last updated by the source: 2024-02-07T16:40:39Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4311 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.4311 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.4311, 104th Congress: To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Official record: https://www.congress.gov/bill/104th-congress/house-bill/4311

Text version to examine: Introduced in House · 1996-09-28.

Official full text: https://www.congress.gov/104/bills/hr4311/BILLS-104hr4311ih.htm

Imported record last updated by the source: 2024-02-07T16:40:39Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4311 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.