[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 501 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 501

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


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                   IN THE SENATE OF THE UNITED STATES

                March 4 (legislative day, March 3), 1993

 Ms. Mikulski introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 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.

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such subsection, are hereby repealed, and the Internal Revenue Code of 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