To amend the Internal Revenue Code of 1986 to restore the 3-year basis recovery rule for computing the income tax on an employee annuity, and for other purposes.
Federal Employees Fair Tax Act of 1989 - Repeals provisions of the Tax Reform Act of 1986 that eliminated the three-year basis recovery rule in computing the amount of an employee's retirement benefits includable in gross income.
Repeals Internal Revenue Code provisions that require the inclusion in income of certain distributions received before an annuity starting date.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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