S. 2835 · 108th Congress
A bill to amend the internal Revenue Code of 1986 to allow penalty free withdrawals from retirement plans for…
Full title
A bill to amend the internal Revenue Code of 1986 to allow penalty free withdrawals from retirement plans for victims of federally declared disasters.
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GrahamSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to: (1) exempt qualified disaster-relief distributions from the ten percent penalty on premature distributions from tax-exempt retirement plans; and (2) allow repayment of such distributions to the retirement plan within five years after the date of such distribution.
What it does: CRS summary · Introduced in Senate · Sep 23, 2004
Amends the Internal Revenue Code to: (1) exempt qualified disaster-relief distributions from the ten percent penalty on premature distributions from tax-exempt retirement plans; and (2) allow repayment of such distributions to the retirement plan within five years after the date of such distribution. Defines a "qualified disaster-relief distribution" as a distribution to an individual who has sustained a loss in excess of $100 from a major disaster declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act if such distribution is made within one year after the disaster declaration and the distribution does not exceed the amount of the loss and is not covered by insurance or otherwise.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the internal Revenue Code of 1986 to allow penalty free withdrawals from retirement plans for victims of federally declared disasters.
Latest action (Sep 23, 2004): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 23, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.