PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Oct 11, 1995
TABLE OF CONTENTS: Title I: Retirement Savings Incentives Subtitle A: IRA Deduction Subtitle B: Nondeductible Tax-Free IRA's Title II: Penalty-Free Distributions Savings and Investment Incentive Act of 1995 - Title I: Retirement Savings Incentives - Subtitle A: IRA Deduction - Amends the Internal Revenue Code to double the Individual Retirement Account (IRA) applicable dollar amount. Provides for cost-of-living adjustments beginning after 1996. Subtitle B: Nondeductible Tax-Free IRA's - Directs that a special individual retirement account be treated in the same manner as an individual retirement plan. Prohibits a deduction for a contribution to a special individual retirement account. Imposes a contribution limit. Prohibits a rollover contribution to such account unless it is a qualified transfer. Exempts from the contribution limit a qualified transfer to the account. Excludes distributions from a special individual retirement account from being included in the gross income of the distributee, with the exception of contributions held for less than five years which, in addition to being included in gross income, shall be subject to an early withdrawal penalty. Title II: Penalty-Free Distributions - Exempts distributions from the early withdrawal penalty if used for: (1) a first home purchase; (2) qualified higher educational expenses; or (3) qualified medical expenses.
People & committees
Sen. Kerry, John F. [D-MA] · D–MA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S15035-15036)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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