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HR 2943 117th Congress House Taxation Employee benefits and pensions Income tax deferral Income tax exclusion

To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.

Introduced: April 30, 2021 Introduced by: Schweikert, David Republican · Arizona 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
Apr 30, 2021
Referred to the House Committee on Ways and Means.
Apr 30, 2021
Introduced in House
 Plain-English summary Congressional Research Service

This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual's tax return. The elective deferral is treated as made prior to the end of the plan's first plan year.

An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee's election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee's gross income.

What's happening now April 30, 2021

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1