A bill to amend the Internal Revenue Code of 1986 to clarify that section 457 does not apply to nonelective deferred compensation.
Section 457 Clarification Act of 1987 - Amends the Internal Revenue Code to state that the accounting provisions applicable to the deferred compensation plans of State and local governments and of private tax-exempt organizations shall not apply to nonelective deferred compensation. Directs the Secretary of the Treasury to promulgate regulations defining nonelective deferred compensation.
Applies retroactively to tax year 1979 and thereafter.
Became Public Law No: 100-647.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Provisions of Measure Incorporated Into H.R.4333.
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