Senate Passes Bill Renaming Tax Code Section the Kay Bailey Hutchison Spousal IRA ‘Millions have benefitted from Senator Hutchison’s efforts,’ says Brady Washington, DC – Today, the U.S. Senate passed the Kay Bailey Hutchison Spousal IRA Act, legislation introduced by Senators Barbara Mikulski (D-MD) and John Cornyn (R-TX) in the Senate and Congressman Sam Johnson (R-TX) in the House, that renames Section 219 (c) of the Internal Revenue Code after former Texas Senator, Kay Bailey Hutchison. “Senator Kay Bailey Hutchison deserves praise for her tireless advocacy for parents who work full-time at home to care for their families,” said Texas Congressman Kevin Brady, co-sponsor of the House bill and a senior Republican on the House Ways and Means Committee, “The Kay Bailey Hutchison Spousal IRA allows both parents to contribute to two separate IRA accounts, giving them the ability to make wise financial decisions for their future, even as they are making financial sacrifices in order to allow one parent to stay at home. This provision levels the playing field and treats all parents equally, whether they work outside the home or not. Senator Hutchison is a true champion for this tax provision and it is right to honor her for her efforts to help millions of families.”
Posted on: Sat, 13 Jul 2013 04:06:13 +0000
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