[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 503 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 503

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 1993

Mr. Darden (for himself and Mr. Schumer) 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 WITHHOLDING ON ELIGIBLE 
              ROLLOVER DISTRIBUTIONS WHICH ARE NOT ROLLED OVER.

    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such subsection, are hereby repealed; and the Internal Revenue Code of 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.

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