[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1582 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1582

  To amend the Internal Revenue Code of 1986 to delay for 1 year the 
 mandatory beginning date for distributions from individual retirement 
plans, and to accelerate the effective date for modification of the AGI 
                  limit for conversions to Roth IRAs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 25, 2001

  Mr. Nelson of Florida introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to delay for 1 year the 
 mandatory beginning date for distributions from individual retirement 
plans, and to accelerate the effective date for modification of the AGI 
                  limit for conversions to Roth IRAs.

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

SECTION 1. 1-YEAR DELAY IN MANDATORY DISTRIBUTIONS FROM INDIVIDUAL 
              RETIREMENT PLANS.

    For purposes of section 408(a)(6) of the Internal Revenue Code of 
1986 (relating to individual retirement account) and section 408(b)(3) 
of such Code (relating to individual retirement annuity)--
            (1) any required beginning date under section 401(a)(9)(C) 
        for distributions scheduled for April 1, 2002, shall be delayed 
        until April 1, 2003; and
            (2) after the date of enactment of this act, any required 
        distributions under section 401(a)(9)(C) shall be delayed until 
        April 1, 2003.

SEC. 2. ACCELERATION OF EFFECTIVE DATE FOR MODIFICATION OF AGI LIMIT 
              FOR CONVERSIONS TO ROTH IRAS.

    Section 7004(b) of the Internal Revenue Service Restructuring and 
Reform Act of 1998 is amended by striking ``December 31, 2004'' and 
inserting ``December 31, 2001''.
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