H.R. 5322 · 109th Congress
Retirement Enhancement Act of 2006
- Stage
- In committee
- Sponsor
- Ginny Brown-Waite
- Introduced
- 2006-05-09
- Latest action
- 2006-05-09 · Introduced in House
Summary
Retirement Enhancement Act of 2006 - Amends the Internal Revenue Code to increase limits on contributions to certain tax-exempt retirement plans, including: (1) individual retirement accounts; (2) deferred compensation plans, including plans of state and local governments and tax-exempt organizations; and (3) defined contribution plans.
Allows a one-time taxpayer election to double adjusted gross income levels used to determine the allowable amount of the tax credit for retirement savings contributions. Makes such tax credit permanent.