Section 457 Clarification Act of 1988 - Amends Internal Revenue Code accounting rules governing the year of inclusion of compensation deferred under qualified plans of State and local governments and of private tax-exempt organizations. Declares the rules to be inapplicable to both nonelective deferred compensation and basic employee benefits, including bona fide vacation plans, sick leave plans, sabbatical leave, and similar benefits.
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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