S 3278
110th Congress
Senate
Taxation
Annuities
Credit cards
Finance and Financial Sector
Labor and Employment
Loans
Pension funds
Tax-deferred compensation plans
A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.
Introduced: July 17, 2008
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2008
Read twice and referred to the Committee on Finance.
Jul 17, 2008
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through the use of a credit card or other intermediary; 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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1