Bill > HR1007

Introduced Session

To amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes. This bill modifies requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. With respect to employer-provided plans, the bill modifies requirements regarding multiple employer plans, automatic enrollment and nonelective contributions, loans, terminating or transferring plans, reporting and disclosure rules, nondiscrimination rules, selecting lifetime income providers, and Pension Benefit Guaranty Corporation premiums. The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment. With respect to Individual Retirement Accounts (IRAs), the bill treats taxable non-tuition fellowship and stipend payments as compensation, repeals the maximum age for traditional IRA contributions, and permits any IRA to be a shareholder of any S corporation that is a bank. The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges. The bill also modifies various tax provisions to reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders, revise the required distribution rules for pension plans, increase penalties for failing to file tax or retirement plan returns, and require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax.

Committee Categories

Ron Kind (D)*,  Ralph Abraham (R),  Cindy Axne (D),  Don Bacon (R),  Don Beyer (D),  Earl Blumenauer (D),  Ted Budd (R),  Judy Chu (D),  Gil Cisneros (D),  Henry Cuellar (D),  Peter DeFazio (D),  Suzan DelBene (D),  Abby Finkenauer (D),  Brian Fitzpatrick (R),  Lizzie Fletcher (D),  Vicente Gonzalez (D),  Josh Harder (D),  Jaime Herrera Beutler (R),  Brian Higgins (D),  George Holding (R),  Dusty Johnson (R),  Mike Johnson (R),  Mike Kelly (R),  Dan Kildee (D),  Derek Kilmer (D),  Steve King (R),  John Larson (D),  Susie Lee (D),  David Loebsack (D),  Stephanie Murphy (D),  Donald Norcross (D),  Bill Pascrell (D),  Chellie Pingree (D),  Mark Pocan (D),  Guy Reschenthaler (R),  Kathleen Rice (D),  Harley Rouda (D),  Linda Sánchez (D),  Brad Schneider (D),  Terri Sewell (D),  Chris Smith (R),  Elise Stefanik (R),  Tom Suozzi (D),  Bennie Thompson (D),  David Trone (D),  Mike Turner (R),  Ann Wagner (R),  Jackie Walorski (R),  Steve Watkins (R),  Rob Wittman (R), 

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 02/06/2019)

Official Document