Summary

To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on distributions from qualified retirement plans for mortgage payments on qualified residences and in... Read More

Status

This bill was introduced on Aug 1, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Aug 1, 2011

Co-Sponsors

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on distributions from qualified retirement plans for mortgage payments on qualified residences and in respect of unemployment and to increase the age at which distributions from qualified retirement plans are required to begin from 70\1/2\ to 75.

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 ``Individual Recovery Assistance Act of 2011''.

SEC. 2. MORATORIUM ON PENALTY FOR EARLY DISTRIBUTIONS FROM QUALIFIED RETIREMENT PLANS.

(a) In General.--Paragraph (2) of section 72(t) of the Internal Revenue Code of 1986 is amended by adding at the end the following: ``(H) Recovery distributions.--In the case of distributions on or after the date of the enactment of this subparagraph and before the end of the 1-year period beginning on such date, any qualified recovery distribution.''. (b) Qualified Recovery Distribution.--Subsection (t) of section 72 of such Code is amended by adding at the end the following new paragraph: ``(11) Qualified recovery distribution.--For purposes of paragraph (2)(H)-- ``(A) In general.--The term `qualified recovery distribution' means any distribution which is-- ``(i) a qualified mortgage distribution, or ``(ii) a qualified unemployment distribution. ``(B) Qualified mortgage distribution distributions.--For purposes of subparagraph (A), the term `qualified mortgage distribution' means a distribution to the extent that the aggregate distributions for the taxable year do not exceed the aggregate payments of the taxpayer for the taxable...

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Bill Summary

H.R. 2755 Share Your Spare Act of 2011 H.R. 2757the Iraq Withdrawal Accountability Act