Summary: H.R.4221 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.4221. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/22/1988)

Section 457 Clarification Act of 1988 - Amends Internal Revenue Code accounting rules governing the year of inclusion of compensation deferred under qualified plans of State and local governments and of private tax-exempt organizations. Declares the rules to be inapplicable to both nonelective deferred compensation and basic employee benefits, including bona fide vacation plans, sick leave plans, sabbatical leave, and similar benefits.