CONGRESSWOMAN ELISE STEFANIK
On Tuesday, June 26, 2013, the House will consider H.R. 2289, a bill to rename section 219(c) of the Internal Revenue Code of 1986 as the Kay Bailey Hutchison Spousal IRA,under a suspension of the rules. The bill was introduced on June 6, 2013 by Rep. Sam Johnson (R-TX) and referred to the Committee on Ways & Means.
H.R. 2289 would rename Section 219(c) of the Internal Revenue Code of 1986 as the Kay Bailey Hutchison Spousal IRA. Section 219(c) refers to rules regarding IRAs for married individuals.
Kay Bailey Hutchison served as a Senator from Texas, beginning in 1993 until her retirement at the end of the 112th Congress. Sen. Hutchison was a longtime advocate for women in public life and has been listed among the most powerful women in America. Among her many accomplishments on behalf of women included championing the Spousal IRA, which allowed married women working from home the ability to open up IRA savings accounts. When asked what she was most proud of in her career, Sen. Hutchison answered that it was the Spousal IRA.
The Joint Committee on Taxation has estimated that there will be “no revenue effect.”