A bill to amend the Internal Revenue Code of 1954 to permit the tax-free rollover of certain benefits received by law enforcement officers and firefighters on separation from service by increasing the limitation on the deduction from retirement savings.

Summary

Amends the Internal Revenue Code to allow an income tax deduction for the rollover into an individual retirement plan of certain benefits received by law enforcement officers and firefighters on separation from service. Limits such rollover amount to the lesser of: (1) $10,000; or (2) $1,000 for each full year of service completed by the individual. Requires that the separation benefits must be: (1) payable on account of the recipient's separation from service; and (2) attributable to accumulated sick leave or vacation or holiday pay.

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Documents

1 official file

• Introduced in House

  summary · EN · 29 July 1983

  Open at official source

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