[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2568 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2568

 To repeal the mandatory 20 percent income tax withholding on eligible 
           rollover distributions which are not rolled over.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 30, 1993

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

_______________________________________________________________________

                                 A BILL


 
 To repeal the mandatory 20 percent income tax withholding on eligible 
           rollover distributions which are not rolled over.

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

SECTION 1. REPEAL OF MANDATORY 20 PERCENT INCOME TAX WITHHOLDING ON 
              ELIGIBLE IRA ROLLOVER DISTRIBUTIONS WHICH ARE NOT ROLLED 
              OVER.

    (a) Repeal of Withholding Requirement.--Subsection (b) of section 
522 of the Unemployment Compensation Amendments of 1992 (relating to 
withholding on eligible rollover distributions which are not rolled 
over), and the amendments made by such subsection, are hereby repealed, 
and the Internal Revenue Code of 1986 shall be applied and administered 
as if such subsection, and amendments, had never been enacted.
    (b) Offset.--The President is authorized to reduce obligations and 
expenditures for programs, projects, and activities authorized under 
the Foreign Assistance Act of 1961, except for allocation of funds for 
countries specified in law, by such sums as are necessary to offset the 
loss of revenues under subsection (a).

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