Legislation Renamed for Retiring Texas U.S. Senator Kay Bailey Hutchison
Two senators have had legislation renamed in honor of one of their retiring colleagues.
Texas U.S. Senator John Cornyn and Maryland U.S. Senator Barbara Mikulski announced Senate passage of their bill to rename legislation championed by Texas U.S. Senator Kay Bailey Hutchison which allows working spouses and homemakers to contribute the same amount to their IRA savings.
The legislation, which was signed into law as part of the Small Business Job Protection Act of 1996, was championed by Hutchison, and has now been renamed as the “Kay Bailey Hutchison Spousal IRA.”
“It’s fitting that we recognize Senator Hutchison for her long-standing and steadfast advocacy for women,” said Mikulski. “It rewards good parenting and families and recognizes that not all work is done in the marketplace.”
She continued, saying “By amending this provision in our tax code, women and families across America will know that they’re benefitting from the Kay Bailey Hutchison Spousal IRA.”
Under the legislation, spouses who are not wage earners are able to make equal, fully deductible contributions to individual retirement accounts.
“I’m pleased to support this legislation to honor Senator Hutchison for her important efforts to help moms and dads who work full-time caring for their children at home plan for their future,” said Cornyn.
Contributions of up to $5,000 for each spouse are allowed if the couple’s wages or self-employment earnings are $10,000 or more.
Hutchison did not run for reelection after serving in the seat since 1993. Ted Cruz has been elected to serve in the position.