To amend the Internal Revenue Code of 1986 to allow individuals who are victims of Hurricane Katrina to withdraw funds without penalty from their individual retirement accounts and certain other retirement plans.
Emergency Savings Relief Act of 2005 - Amends the Internal Revenue Code to exempt a qualified Katrina-relief distribution from the 10 percent penalty for premature retirement plan distributions. Defines "qualified Katrina-relief distribution" as one made after August 24, 2005, and before the end of six months after enactment of this Act from a tax-qualified retirement plan for an individual who encounters hardship by reason of Hurricane Katrina.
Permits repayments of qualified Katrina-relief distributions to an individual retirement plan within five years of the initial distribution.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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