Senate Finance Committee Chairman William V. Roth Jr. is readying legislation that would ease contribution and eligibility caps on some tax-favored retirement accounts.
The bill, which could be introduced as early as next week, would let a person of any income level put $5,000 a year in an individual retirement account, up from $2,000. It would also raise to $15,000, from $10,000, the maximum individual contribution to a 401(k) or 403(b) account.
Separately, Reps. J.C. Watts Jr., R-Okla., and James M. Talent, R-Mo., introduced a bill Wednesday that would create tax incentives for 100 low- income U.S. communities.
One provision would instruct federal regulators to consider a bank's work with community development organizations in those 100 places when evaluating its Community Reinvestment Act performance.
Also Wednesday, Rep. George W. Gekas, R-Pa., introduced consumer bankruptcy reform legislation.