US HB4117 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on July 30 2019 - 25% progression
Action: 2019-07-30 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

IRA Preservation Act of 2019 This bill modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them. The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA. Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault.

Tracking Information

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Title

IRA Preservation Act of 2019

Sponsors


History

DateChamberAction
2019-07-30HouseReferred to the House Committee on Ways and Means.
2019-07-30HouseIntroduced in House

Same As/Similar To

SB1431 (Related) 2019-05-13 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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