Technical Clarification to Public Law 113-243 Act of 2015

Bill: 114-s-1646
Sponsor: full_name: Sen. Inhofe, James M. [R-OK]
Introduced: 2015-06-23
Policy area: Taxation
Subjects: Aviation and airports

Bankruptcy

Employee benefits and pensions

Income tax exclusion

Transportation employees
Latest action: action_date: 2015-06-23
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-06-23
action_desc: Introduced in Senate
text: <p><b>Technical Clarification to Public Law 113-243 Act of 2015</b></p> <p>This bill amends the FAA Modernization and Reform Act of 2012 with respect to rollovers to a traditional individual retirement account (IRA) of payments to qualified airline employees in commercial airline carrier bankruptcy cases.</p> <p>A commercial airline employee shall be qualified for such a rollover if he or she had participated in a commercial airline's tax-exempt defined benefit pension plan that was terminated or otherwise restricted.</p> <p> The bill prescribes a special rule for airline payments received by a qualified employee from an airline carrier resulting from a bankruptcy case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011.</p> <p>Under this special rule, the period for a qualified airline employee to make a tax-exempt rollover of such a payment into a traditional IRA shall be extended to the period beginning on December 18, 2014, and ending 180 days after the enactment of this Act.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1646 IN THE SENATE OF THE UNITED STATES June 23, 2015 Mr. Inhofe (for himself and Mr. Brown ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the FAA Modernization and Reform Act of 2012 to make a technical correction relating to the amendments made by Public Law 113–243 .

1. Short title This Act may be cited as the Technical Clarification to Public Law 113–243 Act of 2015 . 2. Technical amendment relating to rollover of certain airline payment amounts (a) In general Section 1106(a) of the FAA Modernization and Reform Act of 2012 ( 26 U.S.C. 408 note) is amended by adding at the end the following new paragraph: (6) Special rule for certain airline payment amounts In the case of any amount which became an airline payment amount by reason of the amendments made by section 1(b) of Public Law 113–243 ( 26 U.S.C. 408 note), paragraph (1) shall be applied by substituting (or, if later, within the period beginning on December 18, 2014, and ending on the date which is 180 days after the date of enactment of the Technical Clarification to Public Law 113–243 Act of 2015 ) for (or, if later, within 180 days of the date of the enactment of this Act) . . (b) Effective date The amendment made by this section shall take effect as if included in Public Law 113–243 ( 26 U.S.C. 408 note).