S. 1366 (112th): A bill to amend the Internal Revenue Code of 1986 to broaden the special rules for certain ...

...governmental plans under section 105(j) to include plans established by political subdivisions.

112th Congress, 2011–2013. Text as of Jul 13, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

S 1366 IS

112th CONGRESS

1st Session

S. 1366

To amend the Internal Revenue Code of 1986 to broaden the special rules for certain governmental plans under section 105(j) to include plans established by political subdivisions.

IN THE SENATE OF THE UNITED STATES

July 13, 2011

Ms. CANTWELL (for herself, Mr. CRAPO, and Mrs. MURRAY) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to broaden the special rules for certain governmental plans under section 105(j) to include plans established by political subdivisions.

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

SECTION 1. EXPANSION OF APPLICATION OF SPECIAL RULES FOR CERTAIN GOVERNMENTAL PLANS TO INCLUDE PLANS ESTABLISHED BY POLITICAL SUBDIVISIONS.

    (a) In General- Section 105(j)(2) of the Internal Revenue Code of 1986 is amended--

      (1) by inserting ‘or established by or on behalf of a State or political subdivision thereof’ after ‘public retirement system’, and

      (2) by inserting ‘or 501(c)(9)’ after ‘section 115’ in subparagraph (B) thereof.

    (b) Effective Date- The amendments made by this section shall apply to payments after the date of the enactment of this Act.