Guardsmen and Reservists Financial Relief Act of 2004

Bill: 108-hr-1779
Sponsor: Rep. Beauprez, Bob [R-CO-7]
Introduced: 2003-04-11 in the House
Policy area: Taxation
Subjects: Armed Forces and National Security
Armed forces reserves
Commerce
Congress
Congressional investigations
Congressional reporting requirements
Disaster relief
Emergency Management
Income tax
Individual retirement accounts
Labor and Employment
National Guard
Pension funds
Recruiting and enlistment
Recruiting of employees
Small business
Tax credits
Tax exclusion
Tax penalties
Tax-deferred compensation plans
Wages
Withholding tax

Summary:
action_date: 2003-04-11
text: 
Guardsmen and Reservists Financial Relief Act of 2004 - Amends the Internal Revenue Code to exempt from the ten percent penalty on early distributions from tax-exempt retirement plans, withdrawals made by military reservists or national guardsmen called to active duty for a period in excess of 179 days or for an indefinite period. Permits reimbursement of such withdrawals within two years after the end of the active duty period. 
Applies the provisions of this Act to individuals ordered or called to active duty after September 11, 2001, and before September 12, 2005, for retirement plan distributions made after September 11, 2001.
action_date: 2004-04-21
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Guardsmen and Reservists Financial Relief Act of 2004 - Amends the Internal Revenue Code to exempt from the ten percent penalty on early distributions from tax-exempt retirement plans, withdrawals made by military reservists or national guardsmen called to active duty for a period in excess of 179 days or for an indefinite period. Permits reimbursement of such withdrawals within two years after the end of the active duty period. 
 
Applies the provisions of this Act to individuals ordered or called to active duty after September 11, 2001, and before September 12, 2005, for retirement plan distributions made after September 11, 2001.
action_date: 2004-10-11
text: 
Guardsmen and Reservists Financial Relief Act of 2004 - Amends the Internal Revenue Code to exempt from the ten percent penalty on premature distributions from tax-exempt retirement plans, distributions to military reservists or national guardsmen ordered or called to active duty for a period in excess of 179 days or for an indefinite period, if such distributions are made during the active duty period. Applies this exemption to individuals ordered or called to active duty after September 11, 2001, and before September 12, 2005.
 
Applies withholding of tax requirements to differential wage payments. Defines &quot;differential wage payments&quot; as employer payments made to an employee on active duty in the Uniformed Services for more than 30 days representing all or a portion of the wages such employee would have received if performing services for the employer. Treats differential wage payments as compensation for retirement plan purposes.
 
Allows certain small business employers (having an average of 50 or fewer employees): (1) a general business tax credit for 50 percent of the lesser of actual compensation paid to each Ready Reserve-National Guard employee while on active duty or $30,000 (terminates such credit after 2005); and (2) a work opportunity tax credit for employees hired to replace Ready Reserve-National Guard employees while such employees are on active duty (disqualifies employers who fail to comply with employment or reemployment rights of military reservists).
 
Directs the Comptroller General to study and report to Congress before July 1, 2005, on: (1) problems in recruiting military reservists; (2) problems in providing differential wage payments to military reservists; and (3) the effectiveness of the Ready Reserve-National Guard employee tax credit as an incentive for the hiring and retention of military reservist employees.
 
Exempts a qualified disaster-relief distribution from the ten percent penalty on premature distributions from tax-exempt retirement plans. Defines &quot;qualified disaster-relief distribution&quot; as any distribution from a tax-exempt retirement plan to an individual who has sustained a loss in excess of $100 as a result of a major disaster declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. Requires such distribution to be made during the one year period after the date of the disaster declaration.


Legislative actions:
action_date: 2004-10-11
text: Passed Senate with an amendment by Unanimous Consent.
action_date: 2004-10-11
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2004-10-11
text: Measure laid before Senate by unanimous consent. (consideration: CR S11222)
action_date: 2004-10-11
text: Senate Committee on Finance discharged by Unanimous Consent.
action_date: 2004-10-11
text: Senate Committee on Finance discharged by Unanimous Consent.
action_date: 2004-04-22
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2004-04-21
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2004-04-21
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 415 - 0 (Roll no. 125). (text: CR H2217-2218)
action_date: 2004-04-21
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 415 - 0 (Roll no. 125).(text: CR H2217-2218)
action_date: 2004-04-21
text: Considered as unfinished business. (consideration: CR H2226-2227)
action_date: 2004-04-21
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2004-04-21
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1779.
action_date: 2004-04-21
text: Considered under suspension of the rules. (consideration: CR H2217-2223)
action_date: 2004-04-21
text: Mr. Shaw moved to suspend the rules and pass the bill.
action_date: 2003-04-11
text: Referred to the House Committee on Ways and Means.
action_date: 2003-04-11
text: Introduced in House
action_date: 2003-04-11
text: Introduced in House