[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2385 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2385

To amend the Internal Revenue Code of 1986 to allow seniors a one-time, 
tax-free retirement plan distribution to pay for essential repairs to a 
principal residence, for medical expenses, or for expenses attributable 
                   to a Federally declared disaster.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 24, 2011

  Mr. Jones 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 allow seniors a one-time, 
tax-free retirement plan distribution to pay for essential repairs to a 
principal residence, for medical expenses, or for expenses attributable 
                   to a Federally declared disaster.

    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 ``The Seniors Emergency Hardship 
Relief Act of 2011''.

SEC. 2. ONE-TIME TAX-FREE DISTRIBUTION FROM RETIREMENT ACCOUNT FOR 
              SENIORS FOR PRINCIPAL RESIDENCE EXPENSES, MEDICAL 
              EXPENSES, OR FEDERALLY DECLARED DISASTER EXPENSES.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code is amended by inserting before section 140 the 
following new section:

``SEC. 139F. ONE-TIME SENIOR DISTRIBUTION.

    ``(a) In General.--Gross income shall not include a qualified 
senior distribution.
    ``(b) Qualified Senior Distribution.--For purposes of this 
section--
            ``(1) In general.--The term `qualified senior distribution' 
        means any distribution to an individual from an eligible 
        retirement plan (as defined in section 402(c)(8)(B)) of the 
        individual, if--
                    ``(A) such individual has attained the age of 65 at 
                the time of the distribution,
                    ``(B) such individual elects the application of 
                this section for the taxable year, and
                    ``(C) such distribution does not exceed the lesser 
                of--
                            ``(i) $10,000, or
                            ``(ii) an amount equal to the sum of--
                                    ``(I) the amount of expenses paid 
                                by the individual during the taxable 
                                year for qualified repairs to the 
                                principal residence (within the meaning 
                                of section 121) of the individual,
                                    ``(II) the amount of expenses paid 
                                during the taxable year by the 
                                individual, not compensated for by 
                                insurance or otherwise, for medical 
                                care (as defined in section 213(d)) of 
                                the individual (and, if married and the 
                                spouse of the individual has attained 
                                the age of 65 at the time of the 
                                distribution, the spouse), plus
                                    ``(III) the amount of expenses paid 
                                during the taxable year by an 
                                individual, not compensated for by 
                                insurance or otherwise, as a result of 
                                being a victim of a Federally declared 
                                disaster (as defined by section 
                                165(h)(3)(C)(i)), but only if such 
                                individual's principal place of abode 
                                is located within the area with respect 
                                to which such disaster has been 
                                declared.
            ``(2) Qualified repairs.--The term `qualified repairs' 
        means any repairs necessary to preserve the habitability of a 
        residence, including roof repair or replacement, major plumbing 
        or electrical work, foundation repair, and structural 
        rehabilitation.
    ``(c) Election Allowed Only for 1 Taxable Year.--An election may 
not be made under this section for any taxable year if such an election 
is in effect with respect to the taxpayer for any prior taxable 
year.''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting before 
the item relating to section 140 the following new section:

``Sec. 139F. Qualified capital distributions.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to distributions made after the date of the enactment of this 
Act.
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