3.0.0 4189 2023-01-11T13:38:20Z 2023-01-11T13:38:20Z House HR 2017-10-31 115 [Congressional Record Volume 163, Number 176 (Tuesday, October 31, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KELLY of Pennsylvania:H.R. 4189.Congress has the power to enact this legislation pursuantto the following:Article I Section 8 of the United States Constitution.[Page H8295]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-10-31T16:02:45Z 2017-10-31 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-10-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-31 Introduced in House IntroReferral 1000 9 Library of Congress K000376 Rep. Kelly, Mike [R-PA-3] Mike Kelly R PA 3 N Taxation Employee benefits and pensions Government information and archives Income tax deductions Income tax deferral Income tax exclusion Sales and excise taxes Tax administration and collection, taxpayers Taxation 00 2017-10-31 Introduced in House 2018-06-07T14:51:48Z 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.
]]> IRA Preservation Act of 2017 Display Title IRA Preservation Act of 2017 Short Titles as Introduced IRA Preservation Act of 2017 Official Title as Introduced To reduce the disadvantages of individual retirement arrangements with respect to employer-sponsored retirement plans by helping taxpayers comply with laws affecting individual retirement arrangements, by providing for reduced penalties under the Internal Revenue Code of 1986 for certain self-corrections with respect to such laws, and for other purposes. Introduced in House 2017-10-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4189ih/xml/BILLS-115hr4189ih.xml 2017-10-31 Referred to the House Committee on Ways and Means. 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.