To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Apr 30, 2021)
This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual's tax return. The elective deferral is treated as made prior to the end of the plan's first plan year.
An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee's election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee's gross income.
What just happenedApr 30, 2021
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseApr 30, 2021
- Apr 30, 2021IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Apr 30, 2021IntroReferralIntro-H
Introduced in House
- Apr 30, 2021IntroReferral1000
Introduced in House