3.0.0 1239 2023-01-11T13:36:23Z 2023-01-11T13:36:23Z Senate S 2017-05-25 115 ssfi00 Finance Committee Senate Standing Referred to 2017-05-25T15:42:58Z An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. 115 1 S 2017-11-28 Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Related bill CRS LOSAP CAP Act 115 1720 HR 2017-03-24 Referred to the House Committee on Ways and Means. Related bill CRS 2017-05-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217) IntroReferral 2017-05-25 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2017-05-25 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2017-05-25 True Taxation Emergency medical services and trauma care Employee benefits and pensions Fires First responders and emergency personnel Health personnel Income tax deferral Inflation and prices Social work, volunteer service, charitable organizations Taxation 00 2017-05-25 Introduced in Senate 2017-06-26T15:09:47Z Length of Service Award Program Cap Adjustment Priority Act or the LOSAP CAP Act

This bill amends the Internal Revenue Code, with respect to deferred compensation plans, to increase the limit on accruals that is required for length of service award plans (LOSAPs) for bona fide volunteers to be exempt from treatment as a deferred compensation plan.

(Under current law, plans paying solely length of service awards to bona fide volunteers or their beneficiaries on the account of firefighting and prevention services, emergency medical services, and ambulance services performed by the volunteers are not treated as deferred compensation plans if they meet certain requirements. One of the requirements is a limit on the aggregate amount of length of service awards that may accrue with respect to any year of service for any bona fide volunteer.)

The bill modifies the limit on accruals to: (1) increase the limit from $3,000 to $6,000; (2) provide for a cost-of-living adjustment to the limit after 2017; and (3) specify that, in the case of LOSAPs that are defined benefit plans, the limit applies to the actuarial present value of the aggregate amount of length of service awards accruing with respect to any year of service.

]]> LOSAP CAP Act Display Title LOSAP CAP Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify the rules applicable to length of service award plans. Introduced in Senate IS Short Titles as Introduced LOSAP CAP Act Short Titles as Introduced Length of Service Award Program Cap Adjustment Priority Act Introduced in Senate 2017-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1239is/xml/BILLS-115s1239is.xml 2017-05-25 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217) 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.