H.R. 3892 · 115th Congress
To amend the Internal Revenue Code of 1986 to provide an exception for certain spun-off voluntary employees'…
Full title
To amend the Internal Revenue Code of 1986 to provide an exception for certain spun-off voluntary employees' beneficiary associations to the limitation on the exemption from tax on unrelated business taxable income of amounts set aside for qualified benefits.
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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
WalorskiSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to exempt certain spun-off voluntary employees' beneficiary associations (VEBAs) from the limitation on the amount of funds that may be set aside for benefits without being subject to the tax on unrelated business income.
What it does: CRS summary · Introduced in House · Sep 28, 2017
This bill amends the Internal Revenue Code to exempt certain spun-off voluntary employees' beneficiary associations (VEBAs) from the limitation on the amount of funds that may be set aside for benefits without being subject to the tax on unrelated business income.
The exemption applies if:
- the VEBA was originally established prior to the enactment of this bill by an employer to provide benefits for eligible employees, retirees, and their dependents and beneficiaries;
- the benefits are limited to post-retirement medical and life benefits;
- the employer has delegated (before the beginning of the tax year) all authority and responsibility for the VEBA to one or more independent persons who do not have an employment relationship with the members entitled to benefits from the VEBA;
- no member entitled to benefits from the VEBA is entitled to benefits from any other VEBA as a result of employment with the employer; and
- the employer has no obligation to make contributions to the VEBA and has not contributed during the 11-year period ending with the tax year.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to provide an exception for certain spun-off voluntary employees' beneficiary associations to the limitation on the exemption from tax on unrelated business taxable income of amounts set aside for qualified benefits.
Latest action (Sep 28, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Sep 28, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.