Skip to main content
HR 2865 114th Congress House Taxation Aviation and airports Bankruptcy Employee benefits and pensions Income tax exclusion Transportation employees

Technical Clarification to Public Law 113-243 Act of 2015

Introduced: June 23, 2015 Introduced by: Sessions, Pete Republican · Texas See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 23, 2015
Referred to the House Committee on Ways and Means.
Jun 23, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Technical Clarification to Public Law 113-243 Act of 2015

This bill amends the FAA Modernization and Reform Act of 2012 with respect to rollovers to a traditional individual retirement account (IRA) of payments to qualified airline employees in commercial airline carrier bankruptcy cases.

A commercial airline employee shall be qualified for such a rollover if he or she had participated in a commercial airline's tax-exempt defined benefit pension plan that was terminated or otherwise restricted.

The bill prescribes a special rule for airline payments received by a qualified employee from an airline carrier resulting from a bankruptcy case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011.

Under this special rule, the period for a qualified airline employee to make a tax-exempt rollover of such a payment into a traditional IRA shall be extended to the period beginning on December 18, 2014, and ending 180 days after the enactment of this Act.

What's happening now June 23, 2015

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1