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- H.R.3042
H.R.3042: Tax-Free Savings and Investment Income Act
About This Bill
- This bill was introduced in the 104th Congress
- This bill is primarily about taxation
- Introduced March 7, 1996
- Latest Major Action March 7, 1996
Bill Sponsor
Bill Summary
Tax-Free Savings and Investment Income Act - Amends the Internal Revenue Code to exclude from gross income up to $5,000 ($10,000 in the case of a joint return) of unearned income. Defines unearned income to mean income other than income from: (1) wages, salaries, tips, and other employee compensation; and (2) earned income from self-employment. Includes pension and annuity income in such definition. Makes ineligible for the exclusion: (1)...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| March 7, 1996 |
Introduced in the House by Cleo Fields (D-La.) |