[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1966 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                 S. 1966

To amend the Internal Revenue Code of 1986 to allow the joint ownership 
                   of individual retirement accounts.


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                   IN THE SENATE OF THE UNITED STATES

             March 24 (legislative day, February 22), 1994

 Mr. Wofford introduced the following bill; which was referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow the joint ownership 
                   of individual retirement accounts.

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

SECTION 1. JOINT OWNERSHIP OF INDIVIDUAL RETIREMENT ACCOUNTS.

    Section 219(g) of the Internal Revenue Code of 1986 (relating to 
community property laws) is amended to read as follows:
    ``(g) Community Property Laws; Joint Spousal Ownership.--
            ``(1) Community property laws.--This section shall be 
        applied without regard to any community property laws.
            ``(2) Joint ownership.--If an individual retirement account 
        or annuity is held jointly by a husband and wife under State 
        law--
                    ``(A) the account or annuity shall not be treated 
                as failing to meet the exclusive benefit requirement of 
                subsection (a) or (b) solely by reason of the joint 
                ownership, but
                    ``(B) this section shall be applied without regard 
                to the joint ownership.
        This paragraph shall apply only if the individual on whose 
        behalf the account is established is designated under the 
        written governing instrument.''.

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