[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 170 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 170

    To temporarily permit penalty-free withdrawals from individual 
               retirement plans and section 401(k) plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

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

_______________________________________________________________________

                                 A BILL


 
    To temporarily permit penalty-free withdrawals from individual 
               retirement plans and section 401(k) plans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PENALTY-FREE WITHDRAWALS FROM INDIVIDUAL RETIREMENT PLANS 
              AND SECTION 401(k) PLANS DURING 1-YEAR PERIOD

    (a) In General.--Notwithstanding any other provision of law, in the 
case of any distribution from an eligible plan during the 1-year period 
beginning on the date of the enactment of this Act--
            (1) section 72(t) of the Internal Revenue Code of 1986 
        (relating to 10-percent additional tax on early distributions 
        from qualified retirement plans) shall not apply, and
            (2) for purposes of such Code, gross income shall not 
        include 10 percent of the portion of such distribution which 
        would have been includible in gross income if this section had 
        not been enacted.
    (b) Eligible Plan.--For purposes of this section, the term 
``eligible plan'' means--
            (1) an individual retirement account described in section 
        408(a) of such Code,
            (2) an individual retirement annuity described in section 
        408(b) of such Code, or
            (3) a qualified cash or deferred arrangement under section 
        401(k) of such Code.
    (c) Effective Date.--This section shall apply to taxable years 
ending on or after the date of the enactment of this Act.

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