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Spousal IRA Naming Bill Passes House

On June 25, the Kay Bailey Hutchison Spousal IRA bill (H.R. 2289) passed the House, by voice vote. The bill, sponsored by Rep. Sam Johnson (R-TX), would rename section 219(c) of the Internal Revenue Code of 1986 as the Kay Bailey Hutchison Spousal IRA in honor of the former Republican Senator from Texas.

The legislation establishing this section of the tax code was sponsored by former Sen. Hutchison and passed in 1996. It allows stay-at-home spouses to receive similar tax benefits to those available to spouses who work outside the home for contributing to individual retirement accounts.