To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments by excluding from income a portion of such payments.
Lifetime Pension Annuity for You Act of 2007 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for up to 50% of lifetime income payments from certain annuity contracts; (2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and (3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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