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S 1239 115th Congress Senate Taxation Emergency medical services and trauma care Employee benefits and pensions Fires First responders and emergency personnel Health personnel Income tax deferral Inflation and prices Social work, volunteer service, charitable organizations

LOSAP CAP Act

Introduced: May 25, 2017 Introduced by: Collins, Susan M. Republican · Maine 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
May 25, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217)
May 25, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Length of Service Award Program Cap Adjustment Priority Act or the LOSAP CAP Act

This bill amends the Internal Revenue Code, with respect to deferred compensation plans, to increase the limit on accruals that is required for length of service award plans (LOSAPs) for bona fide volunteers to be exempt from treatment as a deferred compensation plan.

(Under current law, plans paying solely length of service awards to bona fide volunteers or their beneficiaries on the account of firefighting and prevention services, emergency medical services, and ambulance services performed by the volunteers are not treated as deferred compensation plans if they meet certain requirements. One of the requirements is a limit on the aggregate amount of length of service awards that may accrue with respect to any year of service for any bona fide volunteer.)

The bill modifies the limit on accruals to: (1) increase the limit from $3,000 to $6,000; (2) provide for a cost-of-living adjustment to the limit after 2017; and (3) specify that, in the case of LOSAPs that are defined benefit plans, the limit applies to the actuarial present value of the aggregate amount of length of service awards accruing with respect to any year of service.

What's happening now May 25, 2017

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1