To amend the Internal Revenue Code of 1986 to allow loans from individual retirement plans for qualified small business capital assets.

Fact Sheet API

Bill Number

HR 3872

Introduced

Sep 22, 2005

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Capital investments Commerce Excise tax Finance and Financial Sector Income tax Individual retirement accounts Labor and Employment Loans Partnerships Small business Stocks Tax exclusion Tax penalties Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to exempt from the penalty tax for prohibited transactions loans from an individual retirement plan to acquire certain small business capital assets. Requires such loans to be repaid within five years.

Actions

Sep 22, 2005

Referred to the House Committee on Ways and Means.
Sep 22, 2005

Introduced in House

Amendments

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