A bill to amend the Internal Revenue Code of 1954 to exclude from gross income amounts distributed from individual retirement accounts and certain qualified trusts which are attributable to tax-exempt interest.
Municipal Finance Rescue Act - Amends the Internal Revenue Code to exclude from gross income any distributions made from an individual retirement account or a qualified plan benefiting self-employed individuals or owner-employees to the extent such distributions are attributable to tax-exempt interest.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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