Skip to main content
HR 1157 102th Congress House Taxation Bank deposits Bank failures Capital gains tax Excise tax Finance and Financial Sector Housing and Community Development Housing finance Income tax Individual retirement accounts Pension funds Tax administration Tax exclusion Tax returns Tax-deferred compensation plans Withholding tax

To extend the time for payment of certain taxes under the internal revenue laws for taxpayers in States in which one-third or more of the depository institutions have been simultaneously closed for a period of at least 5 days, and for other purposes.

Introduced: February 27, 1991 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 27, 1991
Referred to the House Committee on Ways and Means.
Feb 27, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Allows taxpayers whose deposits have been frozen due to a State bank holiday of at least five consecutive business days to defer the payment of certain taxes until the earlier of April 15, 1992, or the date which is 30 days after the frozen deposits become available.

Extends the period of time applicable to the rollover of gain on the sale of a principal residence for certain taxpayers who have substantial frozen deposits after the date of sale of the old residence. Limits such time to not more than five years after such sale.

Exempts from the excise tax on excess accumulations in qualified retirement plans amounts required to be distributed that are frozen deposits.

What's happening now February 27, 1991

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1