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HR 6708 110th Congress House Taxation Annuities Credit cards Finance and Financial Sector Labor and Employment Loans Pension funds Tax-deferred compensation plans

To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.

Introduced: July 31, 2008 Introduced by: Foster, Bill Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2008
Referred to the House Committee on Ways and Means.
Jul 31, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.

What's happening now July 31, 2008

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1