A bill to amend the Internal Revenue Code of 1954 to provide that, in the case of an employee annuity, the employee may elect to exclude from gross income all amounts received by the employee under the annuity until the employee recovers his consideration for the annuity, without regard to whether such consideration is recovered during the first three years of the annuity.

Summary

Amends the Internal Revenue Code to allow an employee, in the case of an employee annuity, to elect to exclude from gross income all amounts received by such employee under the annuity until the employee recovers his consideration, without regard to whether such consideration is recovered during the first three years of such annuity. Authorizes revocation of such election only with the consent of the Secretary of the Treasury.

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

Timeline

1. 1 April 1980

   Introduced

   Introduced in House

   Source: IntroReferral

2. 1 April 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 April 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 April 1980

  Open at official source

Sponsors

• Rep. Coelho, Anthony Lee [D-CA-15] · D · Sponsor
• Rep. Thomas, William M. [R-CA-21] · R · Cosponsor
• Rep. Corman, James C. [D-CA-21] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide that, in the case of an employee annuity, the employee may elect to exclude from gross income all amounts received by the employee under the annuity until the employee recovers his consideration for the annuity, without regard to whether such consideration is recovered during the first 3 years of the annuity.