[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6056 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6056

 To amend the Internal Revenue Code of 1986 to treat certain employee-
  funded pensions created before June 25, 1959, in the same manner as 
qualified trusts for purposes of unrelated debt-financed income derived 
    from real property, and to increase the limitation on elective 
              deferrals to such employee-funded pensions.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2010

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to treat certain employee-
  funded pensions created before June 25, 1959, in the same manner as 
qualified trusts for purposes of unrelated debt-financed income derived 
    from real property, and to increase the limitation on elective 
              deferrals to such employee-funded pensions.

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

SECTION 1. EXEMPTION FOR INCOME FROM LEVERAGED REAL ESTATE HELD BY 
              501(C)(18) TRUST.

    (a) In General.--Subparagraph (C) of section 514(c)(9) of the 
Internal Revenue Code of 1986 (relating to real property acquired by a 
qualified organization) is amended by striking ``or'' at the end of 
clause (iii), by striking the period at the end of clause (iv) and 
inserting ``; or'', and by adding at the end the following new clause:
                            ``(v) a trust described in section 
                        501(c)(18).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 2. ELECTIVE DEFERRAL PARITY FOR 501(C)(18) TRUSTS.

    (a) In General.--Subparagraph (A) of section 219(b)(3) of the 
Internal Revenue Code of 1986 (relating to plans under section 
501(c)(18)) is amended by striking ``$7,000'' and inserting ``the 
amount in effect for the taxable year under section 402(g)(1)(B)''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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