A bill to amend the internal Revenue Code of 1986 to allow penalty free withdrawals from retirement plans for victims of federally declared disasters.

Summary

Amends the Internal Revenue Code to: (1) exempt qualified disaster-relief distributions from the ten percent penalty on premature distributions from tax-exempt retirement plans; and (2) allow repayment of such distributions to the retirement plan within five years after the date of such distribution. Defines a "qualified disaster-relief distribution" as a distribution to an individual who has sustained a loss in excess of $100 from a major disaster declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act if such distribution is made within one year after the disaster declaration and the distribution does not exceed the amount of the loss and is not covered by insurance or otherwise.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 September 2004

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 September 2004

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• Introduced in Senate

  summary · EN · 23 September 2004

  Open at official source

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