To amend the Internal Revenue Code of 1986 to allow certain individuals who have attained age 50 and who are unemployed to receive distributions from qualified retirement plans without incurring a 10 percent additional tax.

Fact Sheet API

Bill Number

HR 350

Introduced

Jan 25, 2005

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Age and employment Income tax Labor and Employment Pension funds Social Welfare Tax exclusion Tax penalties Tax-deferred compensation plans Taxation Unemployment Unemployment insurance

Full Text

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Votes

Summary

Amends the Internal Revenue Code to make the ten percent additional tax on early distributions from qualified retirement plans inapplicable to individuals who have attained the age of 50 and who have been receiving unemployment compensation for 12 consecutive weeks.

Actions

Jan 25, 2005

Referred to the House Committee on Ways and Means.
Jan 25, 2005

Introduced in House

Amendments

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