[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2375 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 2375
To amend the Internal Revenue Code of 1986 to increase the contribution
limits applicable to simple retirement accounts.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 5, 2003
Ms. Millender-McDonald introduced the following bill; which was
referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the contribution
limits applicable to simple retirement accounts.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. INCREASE IN CONTRIBUTION LIMITS APPLICABLE TO SIMPLE
RETIREMENT ACCOUNTS.
(a) In General.--Subparagraph (E) of section 408(p)(2) of the
Internal Revenue Code of 1986 (relating to applicable dollar amount;
cost-of-living adjustment) is amended to read as follows:
``(E) Applicable dollar amount.--For purposes of
subparagraph (A)(ii), the applicable dollar amount for
any year beginning in any calendar year is the excess
of--
``(i) the applicable dollar amount
determined under section 402(g)(1)(B) for
taxable years beginning in such calendar year,
over
``(ii) $2,000.''.
(b) Effective Date.--The amendment made by this section shall apply
to years beginning after December 31, 2003.
<all>