To amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters.

Summary

This bill allows penalty-free distributions from tax-exempt retirement plans for a federally declared disaster (i.e., a qualified disaster recovery distribution). The bill defines qualified disaster recovery distribution as any distribution within a 180 day period after a disaster declaration that is made to an individual whose principal residence is located in a qualified disaster area (an area for which a major disaster has been declared) and who has sustained an economic loss due to the disaster. The bill sets forth rules for the recontribution of withdrawals from a plan for first-time home purchases or for purchases or construction of a principal residence in a disaster area, and increases the limit on loans from a qualified employer plan that an individual may take in lieu of a distribution.

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

Timeline

1. 9 December 2021

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 9 December 2021

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 December 2021

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 December 2021 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 December 2021

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 December 2021

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 December 2021

  Open at official source

Sponsors

• Rep. Thompson, Mike [D-CA-4] · D · Sponsor
• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters.
• related to ← EARN Act