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Senate Bill 1239
115th Congress(2017-2018)
LOSAP CAP Act
Introduced
Introduced
Introduced in Senate on May 25, 2017
Overview
Text
Introduced
May 25, 2017
Latest Action
May 25, 2017
Origin Chamber
Senate
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
1239
Congress
115
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.
Sponsorship by Party
Republican
Susan Collins
Maine
Democrat
Ben Cardin
Maryland
Democrat
Chuck Schumer
New York
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Length of Service Award Program Cap Adjustment Priority Act or the LOSAP CAP Act

This bill amends the Internal Revenue Code, with respect to deferred compensation plans, to increase the limit on accruals that is required for length of service award plans (LOSAPs) for bona fide volunteers to be exempt from treatment as a deferred compensation plan.

(Under current law, plans paying solely length of service awards to bona fide volunteers or their beneficiaries on the account of firefighting and prevention services, emergency medical services, and ambulance services performed by the volunteers are not treated as deferred compensation plans if they meet certain requirements. One of the requirements is a limit on the aggregate amount of length of service awards that may accrue with respect to any year of service for any bona fide volunteer.)

The bill modifies the limit on accruals to: (1) increase the limit from $3,000 to $6,000; (2) provide for a cost-of-living adjustment to the limit after 2017; and (3) specify that, in the case of LOSAPs that are defined benefit plans, the limit applies to the actuarial present value of the aggregate amount of length of service awards accruing with respect to any year of service.

Text (1)
Introduced in Senate
May 25, 2017
Related Bills (2)
Nov 28, 2017
Introduced in Senate
1
Sponsorship
Senate Bill 1
An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Mar 24, 2017
Introduced in House
4
Sponsorship
House Bill 1720
LOSAP CAP Act
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (2)
05/25/2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217)
05/25/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:23 PM
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