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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

IRA Preservation Act of 2017

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To reduce the disadvantages of individual retirement arrangements with respect to employer-sponsored retirement plans by helping taxpayers comply with laws affecting individual retirement arrangements, by providing for reduced penalties under the Internal Revenue Code of 1986 for certain self-corrections with respect to such laws, and for other purposes.


Actions Overview (1)

Date
10/31/2017Introduced in House

All Actions (2)

Date
10/31/2017Referred to the House Committee on Ways and Means.
Action By: House of Representatives
10/31/2017Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means10/31/2017 Referred to

No related bill information was received for H.R.4189.


Latest Summary (1)

There is one summary for H.R.4189. View summaries

Shown Here:
Introduced in House (10/31/2017)

IRA Preservation Act of 2017

This bill modifies the requirements for Individual Retirement Arrangements (IRAs) to: (1) require the Department of the Treasury to provide taxpayers with certain educational materials and notifications, and (2) modify various penalties.

Treasury must provide the public with: (1) an overview of the laws and regulations related to IRAs, and (2) examples of common errors with respect to the laws and regulations and instructions on how to avoid the errors.

Treasury must also provide individual taxpayers with specified notices that identify critical failure points, inconsistencies, or errors and include advice on avoiding failures or errors.

The bill amends the Internal Revenue Code to:

  • reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions;
  • eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA;
  • repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and
  • revise the statute of limitations for collecting certain taxes in connection with an IRA.