H.R.3899 - To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy.112th Congress (2011-2012)
||Rep. Lewis, John [D-GA-5] (Introduced 02/03/2012)
||House - Ways and Means
||02/03/2012 Referred to the House Committee on Ways and Means. (All Actions)
||For further action, see H.R.658, which became Public Law 112-95 on 2/14/2012.
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Introduced in House (02/03/2012)
Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to: (1) make a tax-free rollover of such amount to a traditional individual retirement account (IRA) within 180 days of receipt (or within 180 days of the enactment of this Act, if later); and (2) transfer, without tax penalty, an airline payment amount contributed to a Roth IRA to a traditional IRA if such transfer is made within 180 days after the enactment of this Act. Excludes from the gross income of an airline employee amounts transferred to a traditional IRA under this Act. Imposes a limit on the aggregate amount transferrable to a traditional IRA.