Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 7016
116th Congress(2019-2020)
Fairness for Early Withdrawers Act
Introduced
Introduced
Introduced in House on May 26, 2020
Overview
Text
Introduced in House 
May 26, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Introduced in House(May 26, 2020)
May 26, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
H. R. 7016 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 7016


To waive the 60-day rule in case of rollover of otherwise required minimum distributions in 2020.

IN THE HOUSE OF REPRESENTATIVES

May 26, 2020

Mr. Mast introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To waive the 60-day rule in case of rollover of otherwise required minimum distributions in 2020.

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

SECTION 1. Short title.

This Act may be cited as the “Fairness for Early Withdrawers Act”.

SEC. 2. Waiver of 60-day rule in case of rollover of otherwise required minimum distributions in 2020.

(a) Qualified trusts.—Section 402(c)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

“(D) EXCEPTION FOR ROLLOVER OF OTHERWISE REQUIRED MINIMUM DISTRIBUTIONS IN 2020.—In the case of an eligible rollover distribution described in the second sentence of paragraph (4), subparagraph (A) shall not apply to any transfer of such distribution made before December 1, 2020.”.

(b) Individual retirement accounts.—Section 408(d)(3) of such Code is amended by adding at the end the following new subparagraph:

“(J) WAIVER OF 60-DAY RULE AND ONCE PER-YEAR LIMITATION FOR CERTAIN 2020 ROLLOVERS.—In the case of a distribution during 2020 to which, under subparagraph (E), this paragraph would not have applied had the minimum distribution requirements of section 401(a)(9) applied during such years, the 60-day requirement under subparagraph (A) and the limitation under subparagraph (B) shall not apply to such distribution to the extent the amount is paid into an individual retirement account, individual retirement annuity (other than an endowment contract), or eligible retirement plan (as defined in subparagraph (A)) as otherwise required under such subparagraph before December 1, 2020.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2019.