[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1096 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1096

      To amend the Internal Revenue Code of 1986 to provide that 
 distributions to involuntarily unemployed individuals from individual 
retirement accounts will not be subject to the additional tax on early 
                             distributions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 24, 1993

 Mr. Glickman introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
      To amend the Internal Revenue Code of 1986 to provide that 
 distributions to involuntarily unemployed individuals from individual 
retirement accounts will not be subject to the additional tax on early 
                             distributions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) paragraph (2) 
of section 72(t) of the Internal Revenue Code of 1986 (relating to 
exceptions) is amended by adding at the end thereof the following new 
subparagraph:
                    ``(D) Distributions to involuntarily unemployed 
                individuals.--Any distribution from an individual 
                retirement plan to an individual during any period--
                            ``(i) for which such individual is entitled 
                        to receive unemployment compensation (as 
                        defined in section 85(b)) (or would be so 
                        entitled if such individual applied therefor), 
                        or
                            ``(ii) for which such individual would have 
                        been entitled to receive unemployment 
                        compensation (as so defined) but for--
                                    ``(I) the termination of the period 
                                during which such compensation was 
                                payable, or
                                    ``(II) an exhaustion of such 
                                individual's rights to such 
                                compensation.''
    (b) The amendments made by this section shall apply to 
distributions made after December 31, 1992.

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