To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy.

Summary

Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to: (1) make a tax-free rollover of such amount to a traditional individual retirement account (IRA) within 180 days of receipt (or within 180 days of the enactment of this Act, if later); and (2) transfer, without tax penalty, an airline payment amount contributed to a Roth IRA to a traditional IRA if such transfer is made within 180 days after the enactment of this Act. Excludes from the gross income of an airline employee amounts transferred to a traditional IRA under this Act. Imposes a limit on the aggregate amount transferrable to a traditional IRA.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 February 2012

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 3 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 February 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 February 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 February 2012

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 3 February 2012

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Lewis, John [D-GA-5] · D · Sponsor
• Rep. Davis, Geoff [R-KY-4] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → FAA Modernization and Reform Act of 2012