House Bill 1994
116th Congress(2019-2020)
Setting Every Community Up for Retirement Enhancement Act of 2019
Active
Amendments
Active
Passed House on May 23, 2019
Overview
Text
Introduced
Mar 29, 2019
Latest Action
Jun 3, 2019
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
1994
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.
Sponsorship by Party
Massachusetts
California
California
Connecticut
Connecticut
Kansas
Massachusetts
California
Massachusetts
Michigan
Minnesota
Missouri
California
New Jersey
New Jersey
New Jersey
New Jersey
New York
New York
North Carolina
North Carolina
Oklahoma
Oklahoma
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Tennessee
Virginia
Washington
Washington
Wisconsin
Passed
May 23, 2019
Type
Passage Of A Measure
House Roll Call Votes
Summary

Setting Every Community Up for Retirement Enhancement Act of 2019

This bill modifies the requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts.

With respect to employer-provided retirement plans, the bill modifies requirements regarding

  • automatic enrollment and nonelective contributions;
  • tax credits for small employers that establish certain plans;
  • loans;
  • lifetime income options;
  • the treatment of custodial accounts upon termination of section 403(b) plans;
  • retirement income accounts for church-controlled organizations;
  • the eligibility rules for certain long-term, part-time employees;
  • required minimum distributions;
  • nondiscrimination rules; and
  • minimum funding standards for community newspaper plans.

The bill also includes provisions that

  • treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an IRA,
  • repeal the maximum age for traditional IRA contributions,
  • treat difficulty of care payments as compensation for determining contribution limits for retirement accounts,
  • allow penalty-free withdrawals from retirement plans if a child is born or adopted,
  • expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used,
  • reinstate and increase the tax exclusion for certain benefits provided to volunteer firefighters and emergency medical responders,
  • increase penalties for failing to file tax returns, and
  • require the Internal Revenue Service to share tax information with U.S. Customs Border Protection to administer the heavy vehicle use tax.
Text (4)
June 3, 2019
May 23, 2019
May 16, 2019
March 29, 2019
Amendments (1)
May 23, 2019
Agreed to in House
0
Sponsorship
House Amendment 264
The amendment in the nature of a substitute recommended by the Committee on Ways and Means is adopted.
Agreed To
Public Record
Created
Mar 30, 2019 7:12:07 AM
Updated
Jul 10, 2021 8:21:24 PM