H.R. 1720 · 115th Congress
LOSAP CAP Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KingSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Length of Service Award Program Cap Adjustment Priority Act or the LOSAP CAP Act
What it does: CRS summary · Introduced in House · Mar 24, 2017
Length of Service Award Program Cap Adjustment Priority Act or the LOSAP CAP Act
This bill amends the Internal Revenue Code, with respect to deferred compensation plans, to increase the limit on accruals that is required for length of service award plans (LOSAPs) for bona fide volunteers to be exempt from treatment as a deferred compensation plan.
(Under current law, plans paying solely length of service awards to bona fide volunteers or their beneficiaries on the account of firefighting and prevention services, emergency medical services, and ambulance services performed by the volunteers are not treated as deferred compensation plans if they meet certain requirements. One of the requirements is a limit on the aggregate amount of length of service awards that may accrue with respect to any year of service for any bona fide volunteer.)
The bill modifies the limit on accruals to: (1) increase the limit from $3,000 to $6,000; (2) provide for a cost-of-living adjustment to the limit after 2017; and (3) specify that, in the case of LOSAPs that are defined benefit plans, the limit applies to the actuarial present value of the aggregate amount of length of service awards accruing with respect to any year of service.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: LOSAP CAP Act
Also known as: Length of Service Award Program Cap Adjustment Priority Act
Latest action (Mar 24, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 24, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.