[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2943 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 2943

    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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2021

Mr. Schweikert 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 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.

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

SECTION 1. RETROACTIVE FIRST YEAR ELECTIVE DEFERRALS FOR SOLE 
              PROPRIETORS.

    (a) In General.--Section 401(b) of the Internal Revenue Code of 
1986 is amended by adding at the end the following: ``In the case of an 
individual who owns the entire interest in an unincorporated trade or 
business, and who is the only employee of such trade or business, any 
elective deferral (as defined in section 402(g)(3)) under a plan to 
which the preceding sentence applies which is made by such individual 
before the time for filing the return of such individual for the 
taxable year (determined without regard to any extensions) shall be 
treated as having been made before the end of the plan's first plan 
year.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to plan years beginning after December 31, 2021.
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