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

Introduced:
Jun 24, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Adam Putnam
Representative for Florida's 12th congressional district
Party
Republican
Text
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Last Updated
Jun 24, 2010
Length
13 pages
 
Status

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

Progress
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.

Summary

No summaries available.

Cosponsors
2 cosponsors (2R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


6/24/2010--Introduced.
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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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