[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 905 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 905
To amend the Internal Revenue Code of 1986 to allow members of the
Ready Reserve of a reserve component of the Armed Forces to make
elective deferrals on the basis of their service to the Ready Reserve
and on the basis of their other employment.
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IN THE HOUSE OF REPRESENTATIVES
January 30, 2019
Mr. King of New York (for himself, Mr. Jones, Ms. Stefanik, Mr.
Calvert, Mr. Ryan, Mr. David P. Roe of Tennessee, Mr. Cole, Mr. Wilson
of South Carolina, and Mr. Hill of Arkansas) introduced the following
bill; which was referred to the Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to allow members of the
Ready Reserve of a reserve component of the Armed Forces to make
elective deferrals on the basis of their service to the Ready Reserve
and on the basis of their other employment.
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 ``Servicemember Retirement Improvement
Act''.
SEC. 2. ELECTIVE DEFERRALS BY MEMBERS OF THE READY RESERVE OF A RESERVE
COMPONENT OF THE ARMED FORCES.
(a) In General.--Section 402(g) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(9) Elective deferrals by members of ready reserve.--
``(A) In general.--In the case of a qualified ready
reservist (other than a specified Federal employee
ready reservist) for any taxable year, the limitations
of subparagraphs (A) and (C) of paragraph (1) shall be
applied separately with respect to--
``(i) elective deferrals of such qualified
ready reservist with respect to the Thrift
Savings Fund (as defined in section 7701(j)),
and
``(ii) any other elective deferrals of such
qualified ready reservist.
``(B) Special rule for federal employees in the
ready reserve not eligible to make elective deferrals
to a plan other than the thrift savings plan.--In the
case of a specified Federal employee ready reservist
for any taxable year--
``(i) the applicable dollar amount in
effect under paragraph (1)(B) for such taxable
year shall be twice such amount (as determined
without regard to this subclause), and
``(ii) for purposes of paragraph (1)(C),
the applicable dollar amount under section
414(v)(2)(B)(i) (as otherwise determined for
purposes of paragraph (1)(C)) shall be twice
such amount (as determined without regard to
this subclause).
``(C) Definitions.--For purposes of this
paragraph--
``(i) Qualified ready reservist.--The term
`qualified ready reservist' means any
individual for any taxable year if such
individual received compensation for service as
a member of the Ready Reserve of a reserve
component (as defined in section 101 of title
37, United States Code) during such taxable
year.
``(ii) Specified federal employee ready
reservist.--The term `specified Federal
employee ready reservist' means any individual
for any taxable year if such individual--
``(I) is a qualified ready
reservist for such taxable year,
``(II) would be eligible to make
elective deferrals with respect to the
Thrift Savings Fund (as defined in
section 7701(j)) during such taxable
year determined without regard to the
service of such individual described in
clause (i), and
``(III) is not eligible to make
elective deferrals with respect to any
plan other than such Thrift Savings
Fund during such taxable year.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after the date of the enactment of this Act.
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