H.R. 3742 — To amend the Internal Revenue Code of 1986 to allow withdrawals from individual retirement plans without penalty by individuals within areas determined by the President to be disaster areas by reason of certain natural disasters.

Summary

Amends the Internal Revenue Code to exempt from the penalty for premature distributions from an individual retirement plan a distribution to an individual residing in an area declared as a federal disaster area due to hurricanes, floods, or other natural disasters occurring in 2004 or thereafter if such distribution is made within six months after the date of the disaster declaration.

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Related Legislation

H.R. 3733Emergency Savings Relief Act of 2005
2005-09-13Referred to the House Committee on Ways and Means.
Related
H.R. 3741Disaster Victims' Savings Access Act
2005-09-13Referred to the House Committee on Ways and Means.
Related
H.R. 3751Retirement Account Emergency Access Act of 2005
2005-09-13Referred to the House Committee on Ways and Means.
Related
H.R. 3759To amend the Internal Revenue Code of 1986 to allow withdrawals from qualified retirement plans without penalty by individuals within areas determined by the President to be disaster areas by reason of Hurricane Katrina.
2005-09-13Referred to the House Committee on Ways and Means.
Related

Legislative Actions

2005-09-13
Introduced in House
2005-09-13
Introduced in House
2005-09-13
Referred to the House Committee on Ways and Means.

To amend the Internal Revenue Code of 1986 to allow withdrawals from individual retirement plans without penalty by individuals within areas determined by the President to be disaster areas by reason of certain natural disasters.

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