HR 3215
106th Congress
House
Taxation
Annuities
Disaster relief
Disasters
Emergency Management
Income tax
Individual retirement accounts
Labor and Employment
Losses
Personal income tax
Tax deductions
Tax exclusion
Tax penalties
Tax-deferred compensation plans
To amend the Internal Revenue Code of 1986 to allow penalty-free distributions from qualified retirement plans of individuals residing in Presidentially declared disaster areas and to allow relief from certain limitations on the deductibility of casualty losses sustained in such disaster areas.
Introduced: November 3, 1999
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 3, 1999
Referred to the House Committee on Ways and Means.
Nov 3, 1999
Introduced in House
Plain-English summary
Amends the Internal Revenue Code, with respect to exceptions to 10-percent additional tax on early distributions from qualified retirement plans, to allow penalty-free distributions from such plans (used within 90 days of distribution) for individuals residing in presidentially declared disaster areas.
Makes the current casualty loss limitation of ten percent of adjusted gross income inapplicable to losses incurred in such areas after July 31, 1999. Reduces a taxpayer's gross income by the amount of such disaster loss deduction (thereby making the deduction available to both itemizing and non-itemizing taxpayers).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1