[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 939 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 939

 To permit 2008 required minimum distributions from certain retirement 
                          plans to be repaid.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2009

Mr. Frelinghuysen (for himself, Mr. Bachus, Mr. Bartlett, Mr. Paul, Mr. 
 Bonner, Mr. Wilson of South Carolina, Mr. Smith of Texas, Mr. Roskam, 
    Mr. Hinchey, Mr. Rogers of Michigan, Mr. Jones, Mr. Coble, Mrs. 
 Bachmann, Mr. Hoekstra, Mr. Dent, Mr. Wolf, Mr. Boustany, Mr. McHugh, 
 and Mrs. Myrick) introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To permit 2008 required minimum distributions from certain retirement 
                          plans to be repaid.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``IRA Equity for Seniors Act''.

SEC. 2. REPAYMENT OF 2008 REQUIRED MINIMUM DISTRIBUTIONS.

    (a) In General.--An individual who received a 2008 required minimum 
distribution may elect to treat one or more contributions to a plan 
described in subsection (c) made during 2009 as a rollover contribution 
to which subsection (d) applies.
    (b) Limitation.--The amount to which subsection (a) applies shall 
not exceed the lesser of--
            (1) the 2008 required minimum distribution from such plan, 
        or
            (2) the amount distributed from such plan during 2008.
    (c) 2008 Required Minimum Distribution.--For purposes of this 
section, the term ``2008 required minimum distribution'' means the 
required minimum distribution determined under section 401(a)(9) of the 
Internal Revenue Code of 1986 for 2008 from--
            (1) a defined contribution plan which is described in 
        section 401(k), 403(a), or 403(b) of such Code,
            (2) a defined contribution plan which is an eligible 
        deferred compensation plan described in section 457(b) of such 
        Code but only if such plan is maintained by an employer 
        described in section 457(e)(1)(A) of such Code, or
            (3) an individual retirement plan (as defined in section 
        7701(a)(37) of such Code).
    (d) Treatment as Rollover Contributions.--
            (1) Recontributions to retirement plans other than iras.--
        For purposes of the Internal Revenue Code of 1986, if a 
        taxpayer makes an election under subsection (a) with respect to 
        a contribution to a retirement plan described in paragraph (1) 
        or (2) of subsection (c), then the taxpayer shall, to the 
        extent of the amount of the contribution, be treated as having 
        received such payments or distributions in an eligible rollover 
        distribution (as defined in section 402(c)(4) of such Code) and 
        as having transferred the amount to the eligible retirement 
        plan in a direct trustee to trustee transfer within 60 days of 
        the distribution.
            (2) Recontributions to iras.--For purposes of the Internal 
        Revenue Code of 1986, if a taxpayer makes an election under 
        subsection (a) with respect to a contribution to an individual 
        retirement plan (as defined by section 7701(a)(37) of such 
        Code), then, to the extent of the amount of the contribution, 
        such payments or distributions shall be treated as a 
        distribution described in section 408(d)(3) of such Code and as 
        having been transferred to the individual retirement plan in a 
        direct trustee to trustee transfer within 60 days of the 
        distribution.
            (3) Other rules.--The dollar limitations otherwise 
        applicable to contributions to retirement plans described in 
        subsection (c) shall not apply to any contribution made 
        pursuant to the preceding sentence. No deduction shall be 
        allowed for any contribution pursuant to this clause.
    (e) Credit for Tax Paid.--
            (1) In general.--There shall be allowed against the tax 
        imposed by chapter 1 of the Internal Revenue Code of 1986 for 
        the first taxable year beginning in 2009 an amount equal to the 
        excess of--
                    (A) the tax liability of the taxpayer under such 
                chapter for taxable year 2008 (determined without 
                regard to subsection (a)), over
                    (B) the tax liability of the taxpayer under such 
                chapter for taxable year 2008 (determined after the 
                application of subsection (a)).
            (2) Treatment of credit.--The credit determined under 
        paragraph (1) shall be treated as a credit allowed under 
        subpart C of part IV of subchapter A of chapter 1 of such Code. 
        For purposes of section 1324(b)(2) of title 31, United States 
        Code, such credit shall be treated in the same manner as a 
        refund of the credit under section 35.
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