Home > 106th Congressional Bills > H.R. 4715 (ih) To amend the Internal Revenue Code of 1986 to provide for the treatment of certain expenses of rural letter carriers. [Introduced in House] ...

H.R. 4715 (ih) To amend the Internal Revenue Code of 1986 to provide for the treatment of certain expenses of rural letter carriers. [Introduced in House] ...


Google
 
Web GovRecords.org







108th CONGRESS
  2d Session
                                H. R. 4714

 To amend the Internal Revenue Code of 1986 to provide for retirement 
               savings accounts, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2004

   Mr. Sam Johnson of Texas 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 provide for retirement 
               savings accounts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE, ETC.

    (a) Short Title.--This Act may be cited as the ``Retirement Savings 
Account Act''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. RETIREMENT SAVINGS ACCOUNTS.

    (a) In General.--Section 408A (relating to Roth IRAs) is amended to 
read as follows:

``SEC. 408A. RETIREMENT SAVINGS ACCOUNTS.

    ``(a) In General.--Except as provided in this section, a retirement 
savings account shall be treated for purposes of this title in the same 
manner as an individual retirement plan.
    ``(b) Retirement Savings Account.--For purposes of this title, the 
term `retirement savings account' means an individual retirement plan 
(as defined in section 7701(a)(37)) which--
            ``(1) is designated (in such manner as the Secretary may 
        prescribe) at the time of establishment of the plan as a 
        retirement savings account, and
            ``(2) does not accept any contribution (other than a 
        qualified rollover contribution) which is not in cash.
    ``(c) Treatment of Contributions.--
            ``(1) Contribution limit.--Notwithstanding subsections 
        (a)(1) and (b)(2)(A) of section 408, the aggregate amount of 
        contributions for any taxable year to all retirement savings 
        accounts maintained for the benefit of an individual shall not 
        exceed the lesser of--
                    ``(A) $5,000, or
                    ``(B) the amount of compensation includible in the 
                individual's gross income for such taxable year.
            ``(2) Special rule for certain married individuals.--In the 
        case of any individual who files a joint return for the taxable 
        year, the amount taken into account under paragraph (1)(B) 
        shall be increased by the excess (if any) of--
                    ``(A) the compensation includible in the gross 
                income of such individual's spouse for the taxable 
                year, over
                    ``(B) the aggregate amount of contributions for the 
                taxable year to all retirement savings accounts 
                maintained for the benefit of such spouse.
            ``(3) Contributions permitted after age 70\1/2\.--
        Contributions to a retirement savings account may be made even 
        after the individual for whom the account is maintained has 
        attained age 70\1/2\.
            ``(4) Mandatory distribution rules not to apply before 
        death.--Notwithstanding subsections (a)(6) and (b)(3) of 
        section 408 (relating to required distributions), the following 
        provisions shall not apply to any retirement savings account:
                    ``(A) Section 401(a)(9)(A).
                    ``(B) The incidental death benefit requirements of 
                section 401(a).
            ``(5) Rollover contributions.--
                    ``(A) In general.--No rollover contribution may be 
                made to a retirement savings account unless it is a 
                qualified rollover contribution.
                    ``(B) Coordination with limit.--A qualified 
                rollover contribution shall not be taken into account 
                for purposes of paragraph (1).
            ``(6) Rollovers from plans with taxable distributions.--
                    ``(A) In general.--Notwithstanding sections 402(c), 
                403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16), in the 
                case of any contribution to which this paragraph 
                applies--
                            ``(i) there shall be included in gross 
                        income any amount which would be includible 
                        were it not part of a qualified rollover 
                        contribution,
                            ``(ii) section 72(t) shall not apply, and
                            ``(iii) unless the taxpayer elects not to 
                        have this clause apply for any taxable year, 
                        any amount required to be included in gross 
                        income for such taxable year by reason of this 
                        paragraph for any contribution before January 
                        1, 2006, shall be so included ratably over the 
                        4-taxable year period beginning with such 
                        taxable year.
                Any election under clause (iii) for any contributions 
                during a taxable year may not be changed after the due 
                date (including extensions of time) for filing the 
                taxpayer's return for such taxable year.
                    ``(B) Contributions to which paragraph applies.--
                This paragraph shall apply to any qualified rollover 
                contribution to a retirement savings account (other 
                than a rollover contribution from another such 
                account).
                    ``(C) Conversions of iras.--The conversion of an 
                individual retirement plan (other than a retirement 
                savings account) to a retirement savings account shall 
                be treated for purposes of this paragraph as a 
                contribution to which this paragraph applies.
                    ``(D) Additional reporting requirements.--Trustees 
                and plan administrators of eligible retirement plans 
                (as defined in section 402(c)(8)(B)) and retirement 
                savings accounts shall report such information as the 
                Secretary may require to ensure that amounts required 
                to be included in gross income under subparagraph (A) 
                are so included. Such reports shall be made at such 
                time and in such form and manner as the Secretary may 
                require. The Secretary may provide that such 
                information be included as additional information in 
                reports required under section 408(i) or 6047.
                    ``(E) Special rules for contributions to which a 4-
                year averaging applies.--In the case of a qualified 
                rollover contribution to which subparagraph (A)(iii) 
                applied, the following rules shall apply:
                            ``(i) Acceleration of inclusion.--
                                    ``(I) In general.--The amount 
                                required to be included in gross income 
                                for each of the first 3 taxable years 
                                in the 4-year period under subparagraph 
                                (A)(iii) shall be increased by the 
                                aggregate distributions from retirement 
                                savings accounts for such taxable year 
                                which are allocable under subsection 
                                (d)(3) to the portion of such qualified 
                                rollover contribution required to be 
                                included in gross income under 
                                subparagraph (A)(i).
                                    ``(II) Limitation on aggregate 
                                amount included.--The amount required 
                                to be included in gross income for any 
                                taxable year under subparagraph 
                                (A)(iii) shall not exceed the aggregate 
                                amount required to be included in gross 
                                income under subparagraph (A)(iii) for 
                                all taxable years in the 4-year period 
                                (without regard to subclause (I)) 
                                reduced by amounts included for all 
                                preceding taxable years.
                            ``(ii) Death of distributee.--
                                    ``(I) In general.--If the 
                                individual required to include amounts 
                                in gross income under such subparagraph 
                                dies before all of such amounts are 
                                included, all remaining amounts shall 
                                be included in gross income for the 
                                taxable year which includes the date of 
                                death.
                                    ``(II) Special rule for surviving 
                                spouse.--If the spouse of the 
                                individual described in subclause (I) 
                                acquires the individual's entire 
                                interest in any retirement savings 
                                account to which such qualified 
                                rollover contribution is properly 
                                allocable, the spouse may elect to 
                                treat the remaining amounts described 
                                in subclause (I) as includible in the 
                                spouse's gross income in the taxable 
                                years of the spouse ending with or 
                                within the taxable years of such 
                                individual in which such amounts would 
                                otherwise have been includible. Any 
                                such election may not be made or 
                                changed after the due date (including 
                                extensions of time) for filing the 
                                spouse's return for the taxable year 
                                which includes the date of death.
                    ``(F) 5-year holding period rules.--If--
                            ``(i) any portion of a distribution from a 
                        retirement savings account is properly 
                        allocable to a qualified rollover contribution 
                        with respect to which an amount is includible 
                        in gross income under subparagraph (A)(i),
                            ``(ii) such distribution is made during the 
                        5-taxable year period beginning with the 
                        taxable year for which such contribution was 
                        made, and
                            ``(iii) such distribution is not described 
                        in clause (i), (ii), or (iii) of subsection 
                        (d)(2)(A),
                then section 72(t) shall be applied as if such portion 
                were includible in gross income.
            ``(7) Time when contributions made.--For purposes of this 
        section, a taxpayer shall be deemed to have made a contribution 
        to a retirement savings account on the last day of the 
        preceding taxable year if the contribution is made on account 
        of such taxable year and is made not later than the time 
        prescribed by law for filing the return for such taxable year 
        (not including extensions thereof).
            ``(8) Cost-of-living adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2005, the $5,000 
                amount under paragraph (1)(A) shall be increased by an 
                amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2004' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding rules.--If any amount after 
                adjustment under subparagraph (A) is not a multiple of 
                $500, such amount shall be rounded to the next lower 
                multiple of $500.
    ``(d) Distribution Rules.--For purposes of this title--
            ``(1) Exclusion.--Any qualified distribution from a 
        retirement savings account shall not be includible in gross 
        income.
            ``(2) Qualified distribution.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `qualified 
                distribution' means any payment or distribution--
                            ``(i) made on or after the date on which 
                        the individual attains age 58,
                            ``(ii) made to a beneficiary (or to the 
                        estate of the individual) on or after the death 
                        of the individual,
                            ``(iii) attributable to the individual's 
                        being disabled (within the meaning of section 
                        72(m)(7)), or
                            ``(iv) to which section 72(t)(2)(F) applies 
                        (if such payment or distribution is made before 
                        January, 1, 2008).
                    ``(B) Distributions of excess contributions and 
                earnings.--The term `qualified distribution' shall not 
                include any distribution of any contribution described 
                in section 408(d)(4) and any net income allocable to 
                the contribution.
            ``(3) Ordering rules.--For purposes of applying this 
        section and section 72 to any distribution from a retirement 
        savings account, such distribution shall be treated as made--
                    ``(A) from contributions to the extent that the 
                amount of such distribution, when added to all previous 
                distributions from the retirement savings account, does 
                not exceed the aggregate contributions to the 
                retirement savings account; and
                    ``(B) from such contributions in the following 
                order:
                            ``(i) Contributions other than qualified 
                        rollover contributions with respect to which an 
                        amount is includible in gross income under 
                        subsection (c)(6)(A)(i).
                            ``(ii) Qualified rollover contributions 
                        with respect to which an amount is includible 
                        in gross income under subsection (c)(6)(A)(i) 
                        on a first-in, first-out basis.
        Any distribution allocated to a qualified rollover contribution 
        under subparagraph (B)(ii) shall be allocated first to the 
        portion of such contribution required to be included in gross 
        income.
            ``(4) Aggregation rules.--Section 408(d)(2) shall be 
        applied separately with respect to retirement savings accounts 
        and other individual retirement plans.
    ``(e) Qualified Rollover Contribution.--
            ``(1) In general.--For purposes of this section, the term 
        `qualified rollover contribution' means--
                    ``(A) a rollover contribution to a retirement 
                savings account of an individual from another such 
                account of such individual or such individual's spouse, 
                or from an individual retirement plan of such 
                individual, but only if such rollover contribution 
                meets the requirements of section 408(d)(3), and
                    ``(B) a rollover contribution described in section 
                402(c), 402A(c)(3)(A), 403(a)(4), 403(b)(8), or 
                457(e)(16).

Pages: 1 2 Next >>

Other Popular 106th Congressional Bills Documents:

1 H.R. 5216 (ih) To direct the Secretary of the Army to convey easement over certain lands in La Salle County, Illinois, to the Young Men's Christian Association of Ottawa, Illinois. [Introduced in House] ...
2 H.R. 2460 (eh) To designate the United States Post Office located at 125 Border Avenue West in Wiggins, Mississippi, as the ``Jay Hanna `Dizzy' Dean Post Office''. [Engrossed in House] ...
3 H.R. 3075 (ih) To amend title XVIII of the Social Security Act to make corrections and refinements in the Medicare Program as revised by the Balanced Budget Act of 1997. [Introduced in House] ...
4 H.R. 1954 (ih) To regulate motor vehicle insurance activities to protect against retroactive regulatory and legal action and to create fairness in ultimate insurer laws and vicarious liability standards. [Introduced in House] ...
5 H.R. 2112 (rs) To amend title 28, United States Code, to allow a judge to whom a case is transferred to retain jurisdiction over certain multidistrict litigation cases for trial, and to provide for Federal jurisdiction of certain multiparty, multiforum ci...
6 H.R. 229 (ih) To lift the trade embargo on Cuba, and for other purposes. [Introduced in House] ...
7 H.R. 1605 (ih) To designate the United States courthouse building located at 402 North Walnut Street and Prospect Avenue in Harrison, Arkansas, as the ``Judge J. Smith Henley Federal Building''. [Introduced in House] ...
8 S. 1836 (rs) To extend the deadline for commencement of construction of a hydroelectric project in the State of Alabama. [Reported in Senate] ...
9 H.R. 3707 (eas) [Engrossed Amendment Senate] ...
10 S. 1936 (es) To authorize the Secretary of Agriculture to sell or exchange all or part of certain administrative sites and other National Forest System land in the State of Oregon and use the proceeds derived from the sale or exchange for National Forest...
11 H.R. 5614 (ih) To amend part C of title XVIII of the Social Security Act to improve the Medicare+Choice Program. [Introduced in House] ...
12 H.R. 4924 (rfs) To establish a 3-year pilot project for the General Accounting Office to report to Congress on economically significant rules of Federal agencies, and for other purposes. [Referred in Senate] ...
13 S. 335 (rs) To amend chapter 30 of title 39, United States Code, to provide for the nonmailability of certain deceptive matter relating to games of chance, administrative procedures, orders, and civil penalties relating to such matter, and for other purpo...
14 H.R. 14 (ih) To amend the Internal Revenue Code of 1986 to provide maximum rates of tax on capital gains of 14 percent for individuals and 28 percent for corporations and to index the basis of assets of individuals for purposes of determining gains and lo...
15 S. 2998 (is) To designate a fellowship program of the Peace Corps promoting the work of returning Peace Corps volunteers in underserved American communities as the ``Paul D. Coverdell Fellows Program''. [Introduced in Senate] ...
16 S. 2784 (is) Entitled ``Santa Rosa and San Jacinto Mountains National Monument Act of 2000''. [Introduced in Senate] ...
17 H.R. 207 (eh) To amend title 5, United States Code, to make permanent the authority under which comparability allowances may be paid to Government physicians, and to provide that such allowances be treated as part of basic pay for retirement purposes. [En...
18 H.Res. 486 (ih) Expressing the sense of the House of Representatives regarding Cesar E. Chavez and farm worker housing programs. [Introduced in House] ...
19 S. 245 (is) To reauthorize the Federal programs to prevent violence against women, and for other purposes. [Introduced in Senate] ...
20 H.R. 1794 (rs) Concerning the participation of Taiwan in the World Health Organization (WHO). [Reported in Senate] ...
21 S. 3022 (is) To direct the Secretary of the Interior to convey certain irrigation facilities to the Nampa and Meridian Irrigation District. [Introduced in Senate] ...
22 H.R. 4404 (rh) To permit the payment of medical expenses incurred by the United States [Reported in House] ...
23 S.Con.Res. 33 (is) Expressing the sense of Congress regarding the need for vigorous prosecution of war crimes, genocide, and crimes against humanity in the former Republic of Yugoslavia. [Introduced in Senate] ...
24 H.R. 5273 (enr) To clarify the intention of the Congress with regard to the authority of the United States Mint to produce numismatic coins, and for other purposes. [Enrolled bill] ...
25 S. 1761 (es) To direct the Secretary of the Interior, through the Bureau of Reclamation, to conserve and enhance the water supplies of the Lower Rio Grande Valley. [Engrossed in Senate] ...
26 S. 2684 (is) To redesignate and reauthorize as anchorage certain portions of the project for navigation, Narraguagus River, Milbridge, Maine. [Introduced in Senate] ...
27 H.Con.Res. 44 (ih) Authorizing the use of the Capitol Grounds for the 18th annual National Peace Officers' Memorial Service. [Introduced in House] ...
28 S. 2652 (is) To suspend temporarily the duty on machines, and their parts, for use in the manufacture of digital versatile discs (DVDs). [Introduced in Senate] ...
29 H.R. 3702 (ih) To ensure excellent recruitment and training of math and science teachers at institutions of higher education. [Introduced in House] ...
30 H.Con.Res. 244 (ih) Permitting the use of the rotunda of the Capitol for a ceremony as part of the commemoration of the days of remembrance of victims of the Holocaust. [Introduced in House] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy