S 1888
97th Congress
Senate
Taxation
Income tax
Retirement income
Social Welfare
Tax exclusion
A bill to amend the Internal Revenue Code of 1954 to clarify the tax treatment of variable annuity contracts.
Introduced: November 24, 1981
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 1, 1981
Committee on Finance requested executive comment from OMB; Treasury Department.
Nov 24, 1981
Read second time and referred to Senate Committee on Finance.
Nov 24, 1981
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to revise requirements for the tax deferral of amounts received under variable annuity contracts. Permits the use of an independent investment manager of such annuities. Allows the like-kind exchange of one annuity contract for another.
Provides that the tax treatment of any payment made by a contract holder on or before September 25, 1981 shall be determined without regard to Revenue Ruling 81-225 (disallowing tax deferral of amounts received under certain variable annuity contracts).
What's happening now
Committee on Finance requested executive comment from OMB; Treasury Department.
Committees of jurisdiction
1
Cosponsors
1