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House Bill 2796
117th Congress(2021-2022)
Family Attribution Modernization Act
Introduced
Introduced
Introduced in House on Apr 22, 2021
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Text
Introduced in House 
Apr 22, 2021
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Introduced in House(Apr 22, 2021)
Apr 22, 2021
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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.
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H. R. 2796 (Introduced-in-House)


117th CONGRESS
1st Session
H. R. 2796


To amend section 414 of the Internal Revenue Code of 1986 to update the family attribution rule.

IN THE HOUSE OF REPRESENTATIVES

April 22, 2021

Mr. Panetta (for himself and Mr. Arrington) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend section 414 of the Internal Revenue Code of 1986 to update the family attribution rule.

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 “Family Attribution Modernization Act”.

SEC. 2. Reform of family attribution rule.

(a) In general.—Section 414 of the Internal Revenue Code of 1986 is amended—

(1) in subsection (b)—

(A) by striking “For purposes of” and inserting the following:

“(1) IN GENERAL.—For purposes of”, and

(B) by adding at the end the following new paragraphs:

“(2) SPECIAL RULES FOR APPLYING FAMILY ATTRIBUTION.—For purposes of applying the attribution rules under section 1563 with respect to paragraph (1), the following rules apply:

“(A) Community property laws shall be disregarded for purposes of determining ownership.

“(B) Any ownership that is not attributed to a spouse by reason of section 1563(e)(5) shall also not be attributed to the minor children of the owner and the attribution rule in paragraph (6)(A) shall not apply to such ownership.

“(3) PLAN SHALL NOT FAIL TO BE TREATED AS SATISFYING THIS SECTION.—If application of paragraph (2) causes two or more entities to be a controlled group, or an affiliated service group, or to no longer be in a controlled group or an affiliated service group, such change shall be treated as a transaction to which section 410(b)(6)(C) applies.”, and

(2) in subsection (m)(6)(B), by striking “apply” and inserting “apply, except that community property laws shall be disregarded for purposes of determining ownership”.

(b) Effective date.—The amendments made by this section shall apply to plan years beginning on or after the date of the enactment of this section.