BillCam

Income Tax Deferral

Number	Legislature	Summary	Subjects
SR-339	Federal	A resolution supporting the goals and ideals of National Retirement Security Week, including raising public awareness of the various tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the United States on the keys to success in achieving and maintaining retirement security throughout their lifetimes. This resolution expresses support for the goals and ideals of National Retirement Security Week and acknowledges the need to raise public awareness of a variety of tax-preferred retirement vehicles. Republican: 50% (4) Democrat: 50% (4) 50% Republican support 50% Democrat support	Labor And Employment Finance And Financial Sector Commemorative Events And Holidays Employee Benefits And Pensions Financial Literacy Financial Services And Investments Income Tax Deferral
HB-4043	Federal	Vested Employee Pension Benefit Protection Act This bill amends the Internal Revenue Code to allow employees in the building and construction industry who have attained age 55 and are not separated from employment to make distributions from certain tax-exempt multiemployer pension plans if they were participants in such plan on or before April 30, 2013. Such payments shall be suspended during any period in which the multiemployer pension plan is in endangered or critical status. Republican: 85% (6) Democrat: 14% (1) 85% Republican support 14% Democrat support	Taxation Building Construction Employee Benefits And Pensions Income Tax Deferral
HB-4117	Federal	IRA Preservation Act of 2019 This bill modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them. The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA. Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault. Democrat: 60% (3) Republican: 40% (2) 60% Democrat support 40% Republican support	Taxation Administrative Law And Regulatory Procedures Department Of The Treasury Employee Benefits And Pensions Government Information And Archives Income Tax Deductions Income Tax Deferral Income Tax Exclusion Interest, Dividends, Interest Rates Sales And Excise Taxes
HB-3078	Federal	Expanding Access to Retirement Savings for Caregivers Act Democrat: 57% (11) Republican: 42% (8) 57% Democrat support 42% Republican support	Taxation Administrative Law And Regulatory Procedures Aging Department Of The Treasury Employee Benefits And Pensions Family Relationships Income Tax Deductions Income Tax Deferral Long-term, Rehabilitative, And Terminal Care Unemployment
S.1431	Federal	Retirement Security and Savings Act of 2019 This bill modifies various tax policies, credits, and requirements that apply to employer-provided retirement plans and Individual Retirement Accounts. Republican: 50% (1) Democrat: 50% (1) 50% Republican support 50% Democrat support	Taxation Administrative Law And Regulatory Procedures Department Of The Treasury Employee Benefits And Pensions Government Information And Archives Income Tax Credits Income Tax Credits Income Tax Deductions Income Tax Deferral Income Tax Deferral
S.1431	Federal	Retirement Security and Savings Act of 2019 This bill modifies various tax policies, credits, and requirements that apply to employer-provided retirement plans and Individual Retirement Accounts. Republican: 50% (1) Democrat: 50% (1) 50% Republican support 50% Democrat support	Taxation Administrative Law And Regulatory Procedures Department Of The Treasury Employee Benefits And Pensions Government Information And Archives Income Tax Credits Income Tax Credits Income Tax Deductions Income Tax Deferral Income Tax Deferral
S.1428	Federal	Retirement Parity for Student Loans Act This bill allows certain employer-sponsored retirement plans to make matching contributions for an employee's student loan payments as if the loan payments were salary reduction contributions to the retirement plan. Democrat: 100% (7) 100% Democrat support	Taxation Administrative Law And Regulatory Procedures Department Of The Treasury Employee Benefits And Pensions Income Tax Deferral Student Aid And College Costs
S.1020	Federal	Retirement Security Flexibility Act of 2019 This bill modifies the nondiscrimination requirements that apply to certain employer-sponsored 401(k) retirement plans that include automatic contribution arrangements. Republican: 50% (2) Democrat: 50% (2) 50% Republican support 50% Democrat support	Taxation Employee Benefits And Pensions Income Tax Deferral
S.1000	Federal	Disaster Opportunity Zones Act This bill allows a certain number of population census tracts comprising a low-income community within a qualified disaster zone to be designated as additional opportunity zones. An opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Currently, opportunity zones have been designated in parts of all 50 states, the District of Columbia, and five U.S. territories. The bill defines qualified disaster zone as that portion of the Hurricane Florence disaster area; the Hurricane Michael disaster area; the Mendocino and Carr wildfire disaster area; and the Camp, Woolsey, and Hill wildfire disaster area that is determined by the President to warrant federal government assistance. Republican: 100% (2) 100% Republican support	Taxation Business Investment And Capital California Capital Gains Tax Disaster Relief And Insurance Economic Development Fires Florida Forests, Forestry, Trees Georgia
S.972	Federal	Retirement Enhancement and Savings Act of 2019 This bill modifies requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. With respect to employer-provided plans, the bill modifies requirements regarding multiple employer plans, automatic enrollment and nonelective contributions, loans, terminating or transferring plans, reporting and disclosure rules, nondiscrimination rules, selecting lifetime income providers, and Pension Benefit Guaranty Corporation premiums. The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment. With respect to Individual Retirement Accounts (IRAs), the bill treats taxable non-tuition fellowship and stipend payments as compensation, repeals the maximum age for traditional IRA contributions, and permits any IRA to be a shareholder of any S corporation that is a bank. The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges. The bill also modifies various tax provisions to reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders, revise the required distribution rules for pension plans, increase penalties for failing to file tax or retirement plan returns, and require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax. Republican: 75% (3) Democrat: 25% (1) 75% Republican support 25% Democrat support	Taxation Border Security And Unlawful Immigration Consumer Credit Corporate Finance And Management Emergency Medical Services And Trauma Care Employee Benefits And Pensions Fires First Responders And Emergency Personnel Government Employee Pay, Benefits, Personnel Management Government Information And Archives
HB-2258	Federal	Promotion and Expansion of Private Employee Ownership Act of 2019 This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations. The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities. The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill defines an "ESOP business concern" and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An "ESOP business concern" is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business Act before more than 49% of the business concern was acquired by an ESOP. Democrat: 49% (25) Republican: 50% (26) 49% Democrat support 50% Republican support	Taxation Capital Gains Tax Department Of The Treasury Employee Benefits And Pensions Executive Agency Funding And Structure Income Tax Deductions Income Tax Deferral Interest, Dividends, Interest Rates Securities Small Business
HB-2145	Federal	Disaster Tax Relief Act of 2019 Republican: 100% (4) 100% Republican support	Taxation Charitable Contributions Disaster Relief And Insurance Government Employee Pay, Benefits, Personnel Management Government Employee Pay, Benefits, Personnel Management Guam Income Tax Credits Income Tax Credits Income Tax Deductions Income Tax Deferral
HB-2187	Federal	JOLT Act of 2019 Jobs Originated through Launching Travel Act of 2019 This bill establishes a nonimmigrant visa for qualified Canadian citizens and makes various amendments related to nonimmigrant visas. The Department of Homeland Security (DHS) may admit as a visitor a Canadian citizen who (1) is at least 50 years old, (2) maintains a residence in Canada, (3) owns a U.S. residence or has signed a rental agreement for the duration of the stay, (4) is not inadmissible or deportable under various provisions, (5) will not engage in U.S. employment, and (6) will not seek U.S. assistance or benefits. Such visitors may be admitted for up to 240 days out of any single 365-day period. The Visa Waiver Program (program allowing citizens of participating countries to visit the United States without a visa) shall be renamed the Secure Travel Partnership Program. The bill amends various provisions relating to the program, such as the maximum nonimmigrant visa refusal rate a qualifying country may have. DHS may waive the refusal rate requirement if a country meets other requirements, such as entering into intelligence collection and information sharing arrangements with the United States. The Department of State shall set a goal of interviewing nonimmigrant visa applicants worldwide within 15 days of receiving the application and periodically report to Congress on efforts to meet this goal. The State Department shall conduct a pilot program for using secure remote videoconferencing technology for conducting visa interviews for certain classes of nonimmigrant visa applications. Democrat: 83% (10) Republican: 16% (2) 83% Democrat support 16% Republican support	Immigration Administrative Law And Regulatory Procedures Administrative Remedies Border Security And Unlawful Immigration Canada Congressional Oversight Department Of Homeland Security Government Information And Archives Immigration Status And Procedures Intelligence Activities, Surveillance, Classified Information
HB-1994	Federal	Setting Every Community Up for Retirement Enhancement Act of 2019 TITLE I--EXPANDING AND PRESERVING RETIREMENT SAVINGS (Sec. 101) The bill amends the Internal Revenue Code to revise requirements for multiple employer pension plans and pooled employer plans. It provides that failure of one employer in a multiple employer retirement plan to meet plan requirements will not cause all plans to fail and that assets in the failed plan will be transferred to another plan. It also establishes pooled employer plans that do not require a common characteristic. (Sec. 102) The bill increases the cap for automatic contributions to pension plans from 10% to 15% of employee compensation, beginning after 2019. (Sec. 103) The bill limits the annual safe harbor notice to matching contribution plans and permits amendments to nonelective status at any time before the 30th day before the close of the plan year. Amendments may be made after that date if the amendment provides for a nonelective contribution of at least 4% of compensation for all eligible employees and the plan is amended no later that the last day for distributing excess contributions for the plan year. (Sec. 104) The bill increases the tax credit for small employer pension plan startup costs. (Sec. 105) The bill creates a new three-year tax credit for small employers for startup costs for new pension plans that include automatic enrollment. (Sec. 106) The bill treats stipends and non-tuition fellowships as compensation for purposes of the retirement savings tax deduction. (Sec. 107) The prohibition on contributions to a traditional Individual Retirement Account (IRA) by an individual who has reached age 70-1/2 is repealed. (Sec. 108) The bill prohibits the distribution of plan loans through credit cards or similar arrangements. (Sec. 109) The bill permits certain tax-preferred pension plans to make a direct trustee-to-trustee transfer to another employer plan or IRA of lifetime income investments in the form of a qualified plan distribution annuity, if a lifetime income investment is no longer allows as an investment option in a plan. (Sec. 110) Treasury must issue guidance on the treatment of custodial accounts on the termination of Section 403(b) Plans. (Sec. 111) The bill specifies those individuals who may be covered by pension plans maintained by church-controlled organizations. (Sec. 112) The bill allows certain long-term employees who work at least 500 hours in 3 consecutive 12-month periods and have reached age 21 to participate in qualified cash or deferred arrangements. (Sec. 113) The bill permits penalty-free withdrawals from retirement plans for expenses related to the birth of a child or adoption. (Sec. 114) The bill increases from 70-1/2 to 72 the age for mandatory distributions from retirement plans. (Sec. 115) The bill sets forth rules for reducing the annual contributions of community newspapers to their employee pension plans. (Sec. 116) The bill treats difficulty of care payments to healthcare workers as earned income for retirement plan purposes. TITLE II--ADMINISTRATIVE IMPROVEMENTS (Sec. 201) The bill allows employers to treat retirement plans adopted before the due date of the tax return as adopted as of the last day of the taxable year. (Sec. 202) The bill requires the filing of a consolidated Form 5500 for similar retirement plans. (Sec. 203) The bill requires benefit statements provided to defined contribution plan participants to include a lifetime income disclosure at lease once during any 12-month period. (Sec. 204) The bill provides a safe harbor for fiduciaries in the selection of an insurer for a guaranteed retirement income contract. (Sec. 205) The bill modifies pension plan nondiscrimination rules with respect to closed plans to permit existing participants to continue to accrue benefits. (Sec. 206) The bill reduces Pension Benefit Guaranty Corporation (PBGC) premium rates for Cooperative and Small Employer Charity (CSEC) plans for plan years beginning after 2018. TITLE III--OTHER BENEFITS (Sec. 301) The bill reinstates for one year and increases the exclusion from gross income for benefits paid to volunteer firefighters and emergency medical responders. (Sec. 302) The bill expands 529 education savings accounts to cover costs associated with registered apprenticeships, student loan repayments, and certain costs associated with elementary and secondary education. TITLE IV--REVENUE PROVISIONS (Sec. 401) The bill modifies required minimum distribution rules with respect to defined contribution plans and IRA balances upon the death of the account holder. All distributions must be made by the end of the 10th year after death, except for distributions made to certain eligible designated beneficiaries. (Sec. 402) The penalty for failure to file is increased to the lesser of $400 or 100% of the amount of the tax due. (Sec. 403) The penalties for failure to file retirement plan returns are increased. (Sec. 404) The Internal Revenue Service may share returns and return information with U.S. Customs and Border Protection to administer and collect the heavy vehicle use tax. TITLE V--TAX RELIEF FOR CERTAIN CHILDREN (Sec. 501) The bill eliminates the taxation of the unearned income of children at rates applicable to trusts and estates. Such income would be taxed at the parents' marginal tax rates. Democrat: 62% (37) Republican: 37% (22) 62% Democrat support 37% Republican support	Taxation Administrative Law And Regulatory Procedures Adoption And Foster Care Bank Accounts, Deposits, Capital Department Of Labor Emergency Medical Services And Trauma Care Employee Benefits And Pensions Financial Services And Investments Fires First Responders And Emergency Personnel
HB-1907	Federal	Retirement Security for American Workers Act Republican: 50% (1) Democrat: 50% (1) 50% Republican support 50% Democrat support	Taxation Business Records Employee Benefits And Pensions Financial Services And Investments Government Information And Archives Income Tax Deferral
HB-1874	Federal	To amend the Internal Revenue Code of 1986 to require that qualified cash or deferred arrangements allow certain long-term employees to participate. Democrat: 100% (1) 100% Democrat support	Taxation Employee Benefits And Pensions Income Tax Deferral Temporary And Part-time Employment
HB-1865	Federal	National Law Enforcement Museum Commemorative Coin Act This bill provides FY2020 appropriations for several federal departments and agencies. It includes 8 of the 12 regular FY2020 appropriations bills: the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 2020; the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2020; the Energy and Water Development and Related Agencies Appropriations Act, 2020; the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2020; the Legislative Branch Appropriations Act, 2020; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2020; the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2020; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2020. In addition to providing appropriations, the bill includes legislation that extends several expiring programs and addresses a wide range of policy issues throughout the federal government. Democrat: 59% (181) Republican: 40% (123) Independent: 0% (1) 59% Democrat support 40% Republican support 0% Independent support	Finance And Financial Sector Currency Law Enforcement Officers Museums, Exhibitions, Cultural Centers Economics And Public Finance Access Board Administrative Law And Regulatory Procedures Adoption And Foster Care Appropriations Architect Of The Capitol
HB-1852	Federal	CAPITAL Act of 2019 Creating Advancement and Personal Improvement in Targeted American Localities Act of 2019 This bill allows opportunity zones to be designated every 10 years. (Opportunity zones are certain low-income areas in which various tax incentives are available for investments in the zones. Under current law, the existing designations expire after 10 years, and no additional designations are permitted.) Republican: 100% (2) 100% Republican support	Taxation Business Investment And Capital Census And Government Statistics Economic Development Housing And Community Development Funding Income Tax Deferral Income Tax Exclusion
S.836	Federal	A bill to amend the Internal Revenue Code of 1986 to clarify the retirement income account rules relating to church-controlled organizations. This bill modifies the tax rules for retirement accounts maintained by church-controlled organizations. The bill specifies that a retirement income account provided by a church or a convention or association of churches may cover (1) a duly ordained, commissioned, or licensed minister of a church in the exercise of his ministry, regardless of the source of his compensation; (2) an employee of a tax-exempt organization, whether a civil law corporation or otherwise, that is controlled by or associated with a church or a convention or association of churches; and (3) certain employees who have been separated from service with a church, a convention or association of churches, or an organization described above. Republican: 60% (3) Democrat: 40% (2) 60% Republican support 40% Democrat support	Taxation Employee Benefits And Pensions Income Tax Deferral Religion Tax-exempt Organizations
HB-1295	Federal	Expanding Penalty Free Withdrawal Act of 2019 This bill expands the exceptions in the Internal Revenue Code that permit penalty-free distributions to unemployed individuals from retirement plans. The 10% additional tax on early distributions from retirement plans does not apply to an individual after separation from employment if (1) the individual has received federal or state unemployment compensation for 26 consecutive weeks or, if less, the maximum period available under state law; and (2) the distributions are made during the year or the succeeding year in which the compensation is paid. The exception is limited to the lesser of (1) $50,000 from all plans of the individual over a one-year period, or (2) the greater of $10,000 or one-half of the fair market value of the individual's retirement plans and the nonforfeitable portion of the individual's defined contribution plans. The exception does not apply to distributions that are (1) included in the existing exception for distributions to unemployed individuals for health insurance premiums, or (2) are made after the individual has been employed for at least 60 days after the separation. Democrat: 100% (1) 100% Democrat support	Taxation Employee Benefits And Pensions Income Tax Deferral Income Tax Exclusion Income Tax Rates Unemployment

Title: A resolution supporting the goals and ideals of National Retirement Security Week, including raising public awareness of the various tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the United States on the keys to success in achieving and maintaining retirement security throughout their lifetimes.