3.0.0 4117 2022-11-01T13:50:15Z 2022-11-01T13:50:15Z House HR 2019-07-30 116 [Congressional Record Volume 165, Number 129 (Tuesday, July 30, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIND:H.R. 4117.Congress has the power to enact this legislation pursuantto the following:Article I Section 8 of the United States Constitution.[Page H7482]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-07-30T15:35:30Z Retirement Security and Savings Act of 2019 116 1431 S 2019-05-13 Read twice and referred to the Committee on Finance. Related bill CRS 2019-07-30 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-07-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-30 Introduced in House IntroReferral 1000 9 Library of Congress K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 N K000376 Rep. Kelly, Mike [R-PA-16] Mike Kelly R PA 16 2019-07-30 True S001172 Rep. Smith, Adrian [R-NE-3] Adrian Smith R NE 3 2019-12-05 False S001185 Rep. Sewell, Terri A. [D-AL-7] Terri Sewell D AL A. 7 2020-02-07 False B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2020-02-13 False Taxation Administrative law and regulatory procedures Department of the Treasury Employee benefits and pensions Government information and archives Income tax deductions Income tax deferral Income tax exclusion Interest, dividends, interest rates Sales and excise taxes Tax administration and collection, taxpayers Taxation 00 2019-07-30 Introduced in House 2019-09-18T16:34:16Z IRA Preservation Act of 2019

This bill modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them.

The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) 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; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA.

Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault.

]]> IRA Preservation Act of 2019 Display Title IRA Preservation Act of 2019 Official Title as Introduced To reduce the disadvantages of individual retirement plans with respect to employer-sponsored retirement plans by helping taxpayers comply with laws affecting individual retirement plans, by providing for reduced penalties under the Internal Revenue Code of 1986 for certain self-corrections with respect to such laws, and by expanding the Employee Plans Compliance Resolution System to cover certain errors under individual retirement plans, and for other purposes. Introduced in House IH Short Title(s) as Introduced IRA Preservation Act of 2019 Introduced in House IH Introduced in House 2019-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4117ih/xml/BILLS-116hr4117ih.xml 2019-07-30 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.