A bill to amend the Internal Revenue Code of 1986 to reform the application of family attribution rules for purposes of retirement plans.
Family Attribution Modernization Act
This bill modifies family attribution rules for purposes of tax-exempt pension and profit sharing plans (e.g., 401k retirement plans) to provide that (1) community property laws shall be disregarded for purposes of determining ownership under attribution rules, and (2) attribution is eliminated for spouses and minor children under certain circumstances. The family attribution rule treats an individual taxpayer as owning property interests (e.g., stock) that are owned, directly or indirectly, by the individual's spouse, children, grandchildren, and parents.
Referred to the House Committee on Ways and Means.
Received in the Senate and Read twice and referred to the Committee on Finance.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 480.
Introduced in Senate
Read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line