Summary

1/23/2013--Introduced.Derek M. Hodge Virgin Islands Improvement Act of 2013 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings... Read More

Status

This bill was introduced on Jan 23, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 23, 2013

Co-Sponsors

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to assist in the recovery and development of the Virgin Islands by providing for a reduction in the tax imposed on distributions from certain retirement plans' assets which are invested for at least 30 years, subject to defined withdrawals, under a Virgin Islands investment program.

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 ``Derek M. Hodge Virgin Islands Improvement Act of 2013''.

SEC. 2. TAX-FREE DISTRIBUTIONS FROM CERTAIN RETIREMENT PLAN ASSETS INVESTED UNDER A VIRGIN ISLANDS INVESTMENT PROGRAM.

(a) In General.--Part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986 (relating to pension, profit-sharing, stock bonus plans, etc.) is amended by adding at the end the following new section:

``SEC. 409B. TREATMENT OF DISTRIBUTIONS FROM CERTAIN RETIREMENT PLAN ASSETS INVESTED UNDER A VIRGIN ISLANDS INVESTMENT PROGRAM.

``(a) In General.--If an individual under the age of 61 makes a one-time designation of an amount of qualified retirement savings as being under investment by the Virgin Islands Investment Program for at least 30 years, then, as of the close of the 10th year, such amount (and any earnings properly allocable to such amount) shall be treated for purposes of this title-- ``(1) as a designated Roth account in the case of qualified retirement savings described in subsection (b)(1), or ``(2) as a Roth IRA in the case...

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State: CA

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Bill Summary

1/23/2013--Introduced.Derek M. Hodge Virgin Islands Improvement Act of 2013 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated by an individual under the age of 61 as being under investment by the Virgin Islands Investment Program for at least 30 years. Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of $50 billion or less. Imposes a 1.5% annual tax for 10 years, and 1% thereafter, on managed funds to benefit Virgin Island infrastructure development.

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