H.R. 5602 (111th): Gulf Coast Access to Savings Act of 2010

Jun 24, 2010 (111th Congress, 2009–2010)
Died (Referred to Committee)
Adam Putnam
Representative for Florida's 12th congressional district
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Last Updated
Jun 24, 2010
13 pages

This bill was introduced on June 24, 2010, in a previous session of Congress, but was not enacted.

Introduced Jun 24, 2010
Referred to Committee Jun 24, 2010
Full Title

To amend the Internal Revenue Code of 1986 to provide for distributions from retirement plans for losses as a result of the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon, the discharge of oil in the Gulf of Mexico caused by such explosion and sinking, or the effects of such discharge on the economy in the areas affected by such discharge.


No summaries available.

2 cosponsors (2R) (show)

House Ways and Means

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Gulf Coast Access to Savings Act of 2010 - Amends the Internal Revenue Code to allow tax-free distributions, up to $50,000 in any taxable year, from retirement plans on or after April 20, 2010, and before January 1, 2011, for individuals whose principal place of abode is in Florida, Alabama, Mississippi, Louisiana, or Texas and who sustained an economic loss caused by the explosion on and sinking of the Deepwater Horizon offshore drilling unit, the resulting discharge of oil in the Gulf of Mexico, or the effects of such discharge on the economy in the affected areas.
Provides tax incentives for the use of distributions by individuals in affected states to make home purchases.
Increases to $100,000 the amount which may be borrowed without penalty from an employer benefit plan by individuals in affected states.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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