A bill to amend the Internal Revenue Code of 1986 to clarify that section 457 does not apply to certain deferred compensation.
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 nonelective deferred compensation under basic employee benefits, including bona fide vacation plans, sick leave plans, and similar benefits.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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