IRA Preservation Act of 2017
Latest action · Oct 31, 2017 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 31, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
IRA Preservation Act of 2017
This bill modifies the requirements for Individual Retirement Arrangements (IRAs) to: (1) require the Department of the Treasury to provide taxpayers with certain educational materials and notifications, and (2) modify various penalties.
Treasury must provide the public with: (1) an overview of the laws and regulations related to IRAs, and (2) examples of common errors with respect to the laws and regulations and instructions on how to avoid the errors.
Treasury must also provide individual taxpayers with specified notices that identify critical failure points, inconsistencies, or errors and include advice on avoiding failures or errors.
The bill amends the Internal Revenue Code to:
- reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions;
- 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;
- repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and
- revise the statute of limitations for collecting certain taxes in connection with an IRA.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Oct 31, 2017Introduced in House
- Oct 31, 2017Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Oct 31, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.