S. 803 · 108th Congress
Mobilized Reserve Savings Account Act
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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
NelsonSponsor8 cosponsors · 6 D, 2 R
7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Mobilized Reserve Savings Account Act - Amends the Internal Revenue Code to allow a qualified armed forces reservist to deduct annual contributions to an Armed Forces reserve savings account (as defined by this Act). Limits annual contributions to the lesser of $5,000, or $25,000 reduced by previous contributions to such accounts.
What it does: CRS summary · Introduced in Senate · Apr 7, 2003
Treats account distributions from deductible contributions as taxable income. Provides an additional ten percent tax unless the distribution is made: (1) while the account holder is serving on active duty (including the 60-day period immediately preceding or following such period); or (2) after the account holder ceases to be a member of a reserve component or is transferred to such component's retired list.
Exempts an Armed Forces reserve savings account from taxation unless such account has ceased to be an Armed Forces reserve savings account due to a prohibited transaction by a contributor or a person for whose benefit such account was established.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mobilized Reserve Savings Account Act
Latest action (Apr 7, 2003): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 7, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.