House Bill 8606
116th Congress(2019-2020)
To defer the tax of certain sales of employer stock and reduce certain retirement-related excise taxes, and for other purposes.
Introduced
Introduced in House on Oct 16, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8606
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
This bill extends to all domestic corporations (including S corporations) the deferral of tax on certain sales of employer stock to employee stock ownership plans (ESOPs) and reduces certain retirement-related excise taxes.
Specifically, the bill reduces excise tax rates of certain excess accumulations in tax-exempt retirement plans and on failures to take required minimum distributions from such plans. It also allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan.
The bill extends the tax credit for small employer pension plan startup costs to employers that join an existing plan.
October 16, 2020
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10/16/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
10/16/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:31 PM