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 5556

Introduced

Mar 6, 2008

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

View Full Bill Text

Votes

Summary

Amends the Internal Revenue Code to make the 10% 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

Mar 6, 2008

Referred to the House Committee on Ways and Means.
Mar 6, 2008

Introduced in House

Amendments

Related Bills