3.0.0 6290 2023-01-11T13:42:15Z 2023-01-11T13:42:15Z House HR 2018-06-28 115 [Congressional Record Volume 164, Number 109 (Thursday, June 28, 2018)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NUNES:H.R. 6290.Congress has the power to enact this legislation pursuantto the following:Clause 1 of section 8 of article I of the Constitution ofthe United States.[Page H5977]]]> hswm00 Ways and Means Committee House Standing Referred to 2018-06-28T13:01:35Z 2018-06-28 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2018-06-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2018-06-28 Introduced in House IntroReferral 1000 9 Library of Congress N000181 Rep. Nunes, Devin [R-CA-22] Devin Nunes R CA 22 N C000059 Rep. Calvert, Ken [R-CA-42] KEN CALVERT R CA 42 2018-06-28 True S001192 Rep. Stewart, Chris [R-UT-2] Chris Stewart R UT 2 2018-06-28 True M001177 Rep. McClintock, Tom [R-CA-4] Tom McClintock R CA 4 2018-06-28 True B001293 Rep. Bishop, Mike [R-MI-8] Mike Bishop R MI 8 2018-07-26 False Taxation Accounting and auditing Banking and financial institutions regulation Employee benefits and pensions Financial services and investments Income tax exclusion Interest, dividends, interest rates State and local finance Taxation 00 2018-06-28 Introduced in House 2019-02-04T21:56:15Z Public Employee Pension Transparency Act

This bill amends the Internal Revenue Code to deny the tax exemption for interest on state and local bonds to bonds issued by a state or political subdivision that does not comply with specified reporting requirements for state or local government employee pension benefit plans.

For the tax exemption to apply, sponsors of a state or local government employee pension benefit plan must submit annual reports to the Department of the Treasury that include details regarding:

  • the funding status of the plan,
  • contributions by the plan sponsor for the plan year,
  • projections for each of the next 60 plan years of the cash flows associated with the plan liability,
  • actuarial assumptions used for the plan year,
  • the types of plan participants,
  • investment returns,
  • the funding policy and the degree to which unfunded liabilities are expected to be eliminated,
  • the amount of pension obligation bonds outstanding,
  • the current cost of the plan for the plan year, and
  • administrative and investment expenses.

Treasury must: (1) develop model reporting statements, and (2) create and maintain a searchable public website for posting pension plan information required by this bill.

The bill also grants the United States an exemption from liability for any current or future shortfall in any state or local government employee pension plan.

]]> Public Employee Pension Transparency Act Display Title Public Employee Pension Transparency Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for reporting and disclosure by State and local public employee retirement pension plans. Introduced in House IH Short Titles as Introduced Public Employee Pension Transparency Act Introduced in House 2018-06-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr6290ih/xml/BILLS-115hr6290ih.xml 2018-06-28 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.