US Congress House Bill 3899 (Prior Session Legislation)

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February 3 2012 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to: (1) make a tax-free rollover of such amount to a traditional individual retirement account (IRA) within 180 days of receipt (or within 180 days of the enactment of this Act, if later); and (2) transfer, without tax penalty, an airline payment amount contributed to a Roth IRA to a traditional IRA if such transfer is made within 180 days after the enactment of this Act. Excludes from the gross income of an airline employee amounts transferred to a traditional IRA under this Act. Imposes a limit on the aggregate amount transferrable to a traditional IRA.

To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy.

Rep Lewis, John

Rep Davis, Geoff

Date	Chamber	Action
2012-02-03	House	Referred to the House Committee on Ways and Means.

HB658 (Related) 2012-02-14 - Became Public Law No: 112-95.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN03899:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr3899ih/pdf/BILLS-112hr3899ih.pdf