3.0.0 329 2025-03-18T18:45:44Z 2025-03-18T18:45:44Z House H HR 2025-01-09 119 <pre>[Congressional Record Volume 171, Number 5 (Thursday, January 9, 2025)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mrs. WATSON COLEMAN:H.R. 329.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H93]</pre> hswm00 Ways and Means Committee House Standing Referred To 2025-01-09T14:32:50Z 2025-01-09 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-01-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-01-09 Introduced in House IntroReferral 1000 9 Library of Congress W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 N C001127 Rep. Cherfilus-McCormick, Sheila [D-FL-20] Sheila Cherfilus-McCormick D FL 20 2025-01-09 True N000147 Del. Norton, Eleanor Holmes [D-DC] Eleanor Norton D DC Holmes 0 2025-01-09 True O000176 Rep. Olszewski, Johnny [D-MD-2] Johnny Olszewski D MD 2 2025-02-05 False Taxation Employee benefits and pensions 2025-03-18T18:45:14Z Income tax deferral 2025-03-18T18:45:21Z Income tax exclusion 2025-03-18T18:45:30Z Income tax rates 2025-03-18T18:45:38Z Unemployment 2025-03-18T18:45:44Z Taxation 2025-02-14T16:42:01Z

00 2025-01-09 Introduced in House 2025-02-24T19:18:36Z <p><strong>Expanding Penalty Free Withdrawal Act</strong></p><p>This bill allows an individual who is unemployed for a certain period of time to take early distributions from a qualified retirement plan without paying an additional tax on such distributions, subject to limitations.</p><p>Under current law, a 10% additional tax is imposed on early distributions from a qualified retirement plan unless an exception applies.&nbsp;</p><p>This bill expands the list of exceptions to include distributions from a qualified retirement plan made (1) to an individual who is unemployed and receives federal or state unemployment compensation for 26 consecutive weeks (or the maximum number of weeks allowed under state law) and (2) in the same tax year that the unemployment compensation is paid or the following tax year.&nbsp;However, under the bill, the 10% additional tax applies to distributions from a qualified retirement plan made after an individual is employed for at least 60 days following a period of unemployment.</p><p>The bill limits the amount that may be distributed to an unemployed individual from a qualified retirement plan free from the 10% additional tax to the lesser of (1) $50,000 in distributions from all of an individual’s qualified plans over a one-year period, or (2) the greater of $10,000 or half the fair market value of an individual’s qualified retirement plans and the nonforfeitable portion of an individual's defined contribution plans.</p><p>&nbsp;</p>

Display Title 45 2025-02-11T05:08:17Z Short Title(s) as Introduced 101 2025-02-11T05:08:16Z Introduced in House IH Official Title as Introduced 6 2025-02-11T05:03:28Z Introduced in House IH Introduced in House 2025-01-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr329ih/xml/BILLS-119hr329ih.xml 2025-01-09 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.