Provision of act named after Texas senator
The U.S. Senate recently renamed a provision of the Small Business Job Protection Act after retiring Sen. Kay Bailey Hutchison of Texas.
On Friday, U.S. Sens. Barbara A. Mikulski, D-Md., and John Cornyn, RTexas, announced the Senate passage of their bill to rename legislation championed by Hutchison, a Republican, in 1993.
The Kay Bailey Hutchison Spousal IRA allows spouses and homemakers to contribute the same amount to their IRA savings.
“I’m pleased to support this legislation to honor Sen. Hutchison for her important efforts to help moms and dads who work full time caring for their children at home plan for their future,” Cornyn said. “As she retires from the Senate, Sen. Hutchison will be remembered for this and countless other contributions that have improved the lives of working Texans and Americans across the country.”
The legislation levels the playing field by allowing spouses who are non-wage earners to make equal, fully deductible contributions to individual retirement accounts.
Contributions of up to $5,000 for each spouse are allowed if the couple’s wages or self-employment earnings are at least $10,000.
Hutchison was elected to the Senate in 1993. She is the ranking Republican member of the Committee on Commerce, Science and Transportation, and a member of the Committee on Appropriations and Committee on Rules and Administration.
Ted Cruz, a Republican, was elected this year to succeed Hutchison.