To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.

3.0.0 3278 2019-11-15T21:57:51Z 2019-11-15T21:57:51Z Senate S S 2008-07-17 110 ssfi00 Finance Committee Senate Standing Referred to 2008-07-17T15:29:03Z To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. 110 6708 HR 2008-07-31 Referred to the House Committee on Ways and Means. Related bill CRS 2008-07-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-07-17 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2008-07-17 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2008-07-17 True Taxation Annuities Credit cards Finance and Financial Sector Labor and Employment Loans Pension funds Tax-deferred compensation plans Taxation

00 2008-07-17 Introduced in Senate 2008-08-23T16:29:32Z Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through the use of a credit card or other intermediary; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.

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A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. Display Title A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. Introduced in Senate 2008-07-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3278is/xml/BILLS-110s3278is.xml 2008-07-17 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.