HR 2167 110th Congress House Taxation Commerce Executive reorganization Government Operations and Politics Income tax Individual retirement accounts Labor and Employment Payroll deductions Small business Tax credits

Automatic IRA Act of 2007

Introduced: May 3, 2007 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 17, 2007

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

May 4, 2007

Sponsor introductory remarks on measure. (CR E953-954)

May 3, 2007

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

May 3, 2007

Introduced in House

Plain-English summary Congressional Research Service

Automatic IRA Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs); (2) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing a payroll deposit IRA arrangement; and (3) treat automatic IRAs as individual retirement accounts (and as Roth IRAs) for income tax purposes.

Establishes in the executive branch the TSP II Board to establish policies and procedures relating to payroll deposit IRA arrangements.

What's happening now July 17, 2007

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Committees of jurisdiction 3