US HB4117 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on July 30 2019 - 25% progression, died in committee
Action: 2019-07-30 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 30 2019 - 25% progression, died in committee
Action: 2019-07-30 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them. The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA. Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault.
Title
IRA Preservation Act of 2019
Sponsors
Rep. Ron Kind [D-WI] | Rep. Mike Kelly [R-PA] | Rep. Adrian Smith [R-NE] | Rep. Terri Sewell [D-AL] |
Rep. Earl Blumenauer [D-OR] |
History
Date | Chamber | Action |
---|---|---|
2019-07-30 | House | Referred to the House Committee on Ways and Means. |
2019-07-30 | House | Introduced in House |
Same As/Similar To
SB1431 (Related) 2019-05-13 - Read twice and referred to the Committee on Finance.
Subjects
Administrative law and regulatory procedures
Department of the Treasury
Employee benefits and pensions
Government information and archives
Income tax deductions
Income tax deferral
Income tax exclusion
Interest, dividends, interest rates
Sales and excise taxes
Tax administration and collection, taxpayers
Taxation
Department of the Treasury
Employee benefits and pensions
Government information and archives
Income tax deductions
Income tax deferral
Income tax exclusion
Interest, dividends, interest rates
Sales and excise taxes
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/4117/all-info |
Text | https://www.congress.gov/116/bills/hr4117/BILLS-116hr4117ih.pdf |