Contents
An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination
An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination
Act Details
An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination was, as a bill, a proposal (now, a piece of legislation) introduced on 1976-03-23 in the House of Commons and Senate respectively of the 94 United States Congress by Al Ullman in relation with: Employee benefit plans, Income tax, Labor and employment, Tax exclusion, Taxation.
An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination became law (1) in the United States on 1976-04-15
It was referred to the following Committee(s): (2)
Sponsor
Al Ullman, Representative from Oregon, district 2
The proposal had the following cosponsors:
Barber Benjamin Conable, Republican, Representative, from New York, district 30
Joseph Edward Karth, Democrat, Representative, from Minnesota, district 4
Herman Theodore Schneebeli, Republican, Representative, from Pennsylvania, district 17
William Albert Steiger, Republican, Representative, from Wisconsin, district 6
Act Overview
- Number: 12725 (3)
- Official Title as Introduced: A bill to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination (4)
- Date First Introduced: 1976-03-23
- Sponsor Name: William Albert Steiger
- Assignment Process: See Committe Assignments (5)
- Latest Major Activity/Action: Enacted
- Date Enacted (signed, in general (6), by President): 1976-04-15
- Type: hr (7)
- Main Topic: Taxation
- Related Bills: (8)
hr12806-94, Reason: identical, Type: bill
hr12920-94, Reason: identical, Type: bill - Summary of An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
- Primary Source: Congress Website
Text of the An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination
Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity under the Internal Revenue Code to be paid out within one taxable year of the employee on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity account or bond within 60 days. Makes technical and conforming amendments.
Act Notes
- [Note 1] An Act (like An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
- [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination are referred to joint committees made up of members of both houses.
- [Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination)
- [Note 4] A bill to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1976-03-23) and can be revised any time. This type of titles are sentences.
- [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
- [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
- [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
- [Note 8] For information regarding related bill/s to An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination, go to THOMAS.
Analysis
No analysis (criticism, advocacy, etc.) about An Act to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination submitted yet.
Employee benefit plans
Income tax
Labor and employment
Tax exclusion
Taxation
Further Reading
- “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
- “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
- “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.