HR 1251
104th Congress
House
Taxation
Dismissal wage
Income tax
Individual retirement accounts
Labor and Employment
Layoffs
Tax exclusion
Tax-deferred compensation plans
To amend the Internal Revenue Code of 1986 to permit the tax-free rollover of certain payments made by employers to separated employees.
Introduced: March 15, 1995
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 1995
Referred to the House Committee on Ways and Means.
Mar 15, 1995
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to exclude from gross income qualified separation payments transferred to individual retirement accounts. Describes such payments as qualified if: (1) such payments were voluntarily paid by the employer on account of separation before attainment of normal retirement age; and (2) such separation was in connection with a substantial reduction in the employer's work force.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1