To amend the Internal Revenue Code of 1986 to allow rollovers from other retirement plans into simple retirement accounts.

Bill: 113-hr-5672
Sponsor: full_name: Rep. Foxx, Virginia [R-NC-5]
Introduced: 2014-09-19
Policy area: Taxation
Subjects: Employee benefits and pensions

Income tax exclusion
Latest action: action_date: 2014-09-19
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-09-19
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to allow tax-free rollovers from tax-exempt retirement plans, annuities, and deferred compensation plans into a simple individual retirement account.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5672 IN THE HOUSE OF REPRESENTATIVES September 19, 2014 Ms. Foxx (for herself and Mr. Bishop of New York ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow rollovers from other retirement plans into simple retirement accounts.

1. Rollovers permitted from other retirement plans into simple retirement accounts (a) In general Subparagraph (B) of section 408(p)(1) of the Internal Revenue Code of 1986 is amended by inserting except in the case of a rollover contribution described in subsection (d)(3)(G) or a rollover contribution otherwise described in subsection (d)(3) or in section 402(c), 403(a)(4), 403(b)(8), or 457(e)(16) which is made after the 2-year period described in section 72(t)(6), before with respect to which the only contributions allowed . (b) Effective date The amendments made by this section shall apply to contributions made after the date of the enactment of this Act.