SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Gulf Coast Access to 
Savings Act of 2010’’. 
SEC. 2. DISTRIBUTIONS FROM RETIREMENT PLANS FOR 
LOSSES BY REASON OF GULF OIL SPILL. 
(a) IN GENERAL.—Subchapter Y of chapter 1 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new part: 
‘‘PART IV—GULF OIL SPILL 
‘‘SEC. 1400V-1. SPECIAL RULES FOR USE OF RETIREMENT 
FUNDS. 
‘‘(a) TAX-FAVORED WITHDRAWALS FROM RETIRE-
MENT PLANS.— 
‘‘(1) IN
GENERAL.—Section 72(t) shall not 
apply to any qualified oil spill distribution. 
‘‘(2) AGGREGATE DOLLAR LIMITATION.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, the aggregate amount of distribu-
tions received by an individual which may be 
treated as qualified oil spill distributions for 
any taxable year shall not exceed the excess (if 
any) of— 
‘‘(i) $50,000, over 
‘‘(ii) the aggregate amounts treated as 
qualified oil spill distributions received by 
such individual for all prior taxable years. 
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‘‘(B) TREATMENT
OF
PLAN
DISTRIBU-
TIONS.—If a distribution to an individual would 
(without regard to subparagraph (A)) be a 
qualified oil spill distribution, a plan shall not 
be treated as violating any requirement of this 
title merely because the plan treats such dis-
tribution as a qualified oil spill distribution, un-
less the aggregate amount of such distributions 
from all plans maintained by the employer (and 
any member of any controlled group which in-
cludes the employer) to such individual exceeds 
$50,000. 
‘‘(C) CONTROLLED GROUP.—For purposes 
of subparagraph (B), the term ‘controlled 
group’ means any group treated as a single em-
ployer under subsection (b), (c), (m), or (o) of 
section 414. 
‘‘(3) AMOUNT DISTRIBUTED MAY BE REPAID.— 
‘‘(A) IN
GENERAL.—Any individual who 
receives a qualified oil spill distribution may, at 
any time during the 3-year period beginning on 
the day after the date on which such distribu-
tion was received, make one or more contribu-
tions in an aggregate amount not to exceed the 
amount of such distribution to an eligible retire-
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ment plan of which such individual is a bene-
ficiary and to which a rollover contribution of 
such distribution could be made under section 
402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 
457(e)(16), as the case may be. 
‘‘(B) TREATMENT
OF
REPAYMENTS
OF 
DISTRIBUTIONS
FROM
ELIGIBLE
RETIREMENT 
PLANS
OTHER
THAN
IRAS.—For purposes of 
this title, if a contribution is made pursuant to 
subparagraph (A) with respect to a qualified oil 
spill distribution from an eligible retirement 
plan other than an individual retirement plan, 
then the taxpayer shall, to the extent of the 
amount of the contribution, be treated as hav-
ing received the qualified oil spill distribution in 
an eligible rollover distribution (as defined in 
section 402(c)(4)) and as having transferred 
the amount to the eligible retirement plan in a 
direct trustee to trustee transfer within 60 days 
of the distribution. 
‘‘(C) TREATMENT
OF
REPAYMENTS
FOR 
DISTRIBUTIONS FROM IRAS.—For purposes of 
this title, if a contribution is made pursuant to 
subparagraph (A) with respect to a qualified oil 
spill distribution from an individual retirement 
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plan (as defined by section 7701(a)(37)), then, 
to the extent of the amount of the contribution, 
the qualified oil spill distribution shall be treat-
ed as a distribution described in section 
408(d)(3) and as having been transferred to the 
eligible retirement plan in a direct trustee to 
trustee transfer within 60 days of the distribu-
tion. 
‘‘(4) DEFINITIONS.—For purposes of this sub-
section— 
‘‘(A) QUALIFIED
OIL
SPILL
DISTRIBU-
TION.—Except as provided in paragraph (2), 
the term ‘qualified oil spill distribution’ means 
any distribution from an eligible retirement 
plan made on or after April 20, 2010, and be-
fore January 1, 2011, to an individual whose 
principal place of abode on April 20, 2010, is 
located in the State of Florida, Alabama, Mis-
sissippi, Louisiana, or Texas and who has sus-
tained an economic loss as a result of the explo-
sion on and sinking of the mobile off shore 
drilling unit Deepwater Horizon, the discharge 
of oil in the Gulf of Mexico caused by such ex-
plosion and sinking, or the effects of such dis-
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charge on the economy in the areas affected by 
such discharge. 
‘‘(B) ELIGIBLE RETIREMENT PLAN.—The 
term ‘eligible retirement plan’ shall have the 
meaning 
given 
such 
term 
by 
section 
402(c)(8)(B). 
‘‘(5) INCOME INCLUSION SPREAD OVER 3-YEAR 
PERIOD.— 
‘‘(A) IN
GENERAL.—In the case of any 
qualified oil spill distribution, unless the tax-
payer elects not to have this paragraph apply 
for any taxable year, any amount required to be 
included in gross income for such taxable year 
shall be so included ratably over the 3-taxable 
year period beginning with such taxable year. 
‘‘(B) SPECIAL
RULE.—For purposes of 
subparagraph (A), rules similar to the rules of 
subparagraph (E) of section 408A(d)(3) shall 
apply. 
‘‘(6) SPECIAL RULES.— 
‘‘(A) EXEMPTION OF DISTRIBUTIONS FROM 
TRUSTEE TO TRUSTEE TRANSFER AND WITH-
HOLDING
RULES.—For purposes of sections 
401(a)(31), 402(f), and 3405, qualified oil spill 
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distributions shall not be treated as eligible roll-
over distributions. 
‘‘(B) QUALIFIED
HURRICANE
DISTRIBU-
TIONS TREATED AS MEETING PLAN DISTRIBU-
TION REQUIREMENTS.—For purposes this title, 
a qualified hurricane distribution shall be treat-
ed as meeting the requirements of sections 
401(k)(2)(B)(i), 403(b)(7)(A)(ii), 403(b)(11), 
and 457(d)(1)(A). 
‘‘(b) RECONTRIBUTIONS
OF
WITHDRAWALS
FOR 
HOME PURCHASES.— 
‘‘(1) RECONTRIBUTIONS.— 
‘‘(A) IN
GENERAL.—Any individual who 
received a qualified distribution may, during the 
applicable period, make one or more contribu-
tions in an aggregate amount not to exceed the 
amount of such qualified distribution to an eli-
gible retirement plan (as defined in section 
402(c)(8)(B)) of which such individual is a ben-
eficiary and to which a rollover contribution of 
such distribution could be made under section 
402(c), 403(a)(4), 403(b)(8), or 408(d)(3), as 
the case may be. 
‘‘(B) TREATMENT
OF
REPAYMENTS.— 
Rules similar to the rules of subparagraphs (B) 
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and (C) of subsection (a)(3) shall apply for pur-
poses of this subsection. 
‘‘(2) QUALIFIED DISTRIBUTION.—For purposes 
of this subsection— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
distribution’ means any distribution— 
‘‘(i) 
described 
in 
section 
401(k)(2)(B)(i)(IV), 403(b)(7)(A)(ii) (but 
only to the extent such distribution relates 
to financial hardship), 403(b)(11)(B), or 
72(t)(2)(F), 
‘‘(ii) received after October 19, 2009, 
and before April 20, 2010, and 
‘‘(iii) which was to be used to pur-
chase or construct a principal residence in 
the State of Florida, Alabama, Mississippi, 
Louisiana, or Texas Hurricane Katrina 
disaster area, but which was not so pur-
chased or constructed on account of the ex-
plosion on and sinking of the mobile off 
shore drilling unit Deepwater Horizon or 
the discharge of oil in the Gulf of Mexico 
caused by such explosion and sinking. 
‘‘(3) APPLICABLE
PERIOD.—For purposes of 
this subsection, the term ‘applicable period’ means 
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the period beginning on April 20, 2010, and ending 
on December 31, 2010. 
‘‘(c) LOANS FROM QUALIFIED PLANS.— 
‘‘(1) INCREASE IN LIMIT ON LOANS NOT TREAT-
ED
AS
DISTRIBUTIONS.—In the case of any loan 
from a qualified employer plan (as defined under 
section 72(p)(4)) to a qualified individual made dur-
ing the applicable period— 
‘‘(A) clause (i) of section 72(p)(2)(A) shall 
be applied by substituting ‘$100,000’ for 
‘$50,000’, and 
‘‘(B) clause (ii) of such section shall be ap-
plied by substituting ‘the present value of the 
nonforfeitable accrued benefit of the employee 
under the plan’ for ‘one-half of the present 
value of the nonforfeitable accrued benefit of 
the employee under the plan’. 
‘‘(2) DELAY OF REPAYMENT.—In the case of a 
qualified individual with an outstanding loan on or 
after the qualified beginning date from a qualified 
employer plan (as defined in section 72(p)(4))— 
‘‘(A) if the due date pursuant to subpara-
graph (B) or (C) of section 72(p)(2) for any re-
payment with respect to such loan occurs dur-
ing the period beginning on the qualified begin-
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ning date and ending on December 31, 2010, 
such due date shall be delayed for 1 year, 
‘‘(B) any subsequent repayments with re-
spect to any such loan shall be appropriately 
adjusted to reflect the delay in the due date 
under paragraph (1) and any interest accruing 
during such delay, and 
‘‘(C) in determining the 5-year period and 
the term of a loan under subparagraph (B) or 
(C) of section 72(p)(2), the period described in 
subparagraph (A) shall be disregarded. 
‘‘(3) QUALIFIED INDIVIDUAL.—For purposes of 
this subsection, the term ‘qualified individual’ means 
any individual whose principal place of abode on 
April 20, 2010, is located in the State of Florida, 
Alabama, Mississippi, Louisiana, or Texas and who 
has sustained an economic loss as a result of the ex-
plosion on and sinking of the mobile off shore drill-
ing unit Deepwater Horizon, the discharge of oil in 
the Gulf of Mexico caused by such explosion and 
sinking, or the effects of such discharge on the econ-
omy in the areas affected by such discharge. 
‘‘(4) APPLICABLE PERIOD; QUALIFIED BEGIN-
NING DATE.—For purposes of this subsection— 
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‘‘(A) the applicable period is the period be-
ginning on April 20, 2010, and ending on De-
cember 31, 2010, and 
‘‘(B) the qualified beginning date is April 
20, 2010. 
‘‘(d) PROVISIONS
RELATING
TO
PLAN
AMEND-
MENTS.— 
‘‘(1) IN GENERAL.—If this subsection applies to 
any amendment to any plan or annuity contract, 
such plan or contract shall be treated as being oper-
ated in accordance with the terms of the plan during 
the period described in paragraph (2)(B)(i). 
‘‘(2) AMENDMENTS TO WHICH SUBSECTION AP-
PLIES.— 
‘‘(A) IN GENERAL.—This subsection shall 
apply to any amendment to any plan or annuity 
contract which is made— 
‘‘(i) pursuant to any provision of this 
section, or pursuant to any regulation 
issued by the Secretary or the Secretary of 
Labor under any provision of this section, 
and 
‘‘(ii) on or before the last day of the 
first plan year beginning on or after April 
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20, 2010, or such later date as the Sec-
retary may prescribe. 
In the case of a governmental plan (as defined 
in section 414(d)), clause (ii) shall be applied 
by substituting the date which is 2 years after 
the date otherwise applied under clause (ii). 
‘‘(B) CONDITIONS.—This subsection shall 
not apply to any amendment unless— 
‘‘(i) during the period— 
‘‘(I) beginning on the date that 
this section or the regulation de-
scribed in subparagraph (A)(i) takes 
effect (or in the case of a plan or con-
tract amendment not required by this 
section or such regulation, the effec-
tive date specified by the plan), and 
‘‘(II) ending on the date de-
scribed in subparagraph (A)(ii) (or, if 
earlier, the date the plan or contract 
amendment is adopted), 
the plan or contract is operated as if such 
plan or contract amendment were in effect, 
and 
‘‘(ii) such plan or contract amendment 
applies retroactively for such period.’’. 
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(b) CONFORMING AMENDMENT.—The table of sec-
tions for subchapter Y of chapter 1 of such Code is amend-
ed by adding at the end the following new item: 
‘‘PART IV—GULF OIL SPILL 
‘‘Sec. 1400V-1. Special rules for use of retirement funds.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this Act shall apply to distributions on or after April 20, 
2010. 
Æ 
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