Summary: H.R.6981 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.6981. Bill summaries are authored by CRS.

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Introduced in House (03/31/1980)

Amends the Internal Revenue Code to allow an employee, in the case of an employee annuity, to elect to exclude from gross income all amounts received by such employee under the annuity until the employee recovers his consideration, without regard to whether such consideration is recovered during the first three years of such annuity.

Authorizes revocation of such election only with the consent of the Secretary of the Treasury.