Bill
Bill > HR1932
US HR1932
US HR1932To amend the Internal Revenue Code of 1986 to treat as compensation for purposes of retirement contribution limitations any difficulty of care payments excluded from gross income.
summary
Introduced
03/27/2019
03/27/2019
In Committee
03/27/2019
03/27/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to treat as compensation for purposes of retirement contribution limitations any difficulty of care payments excluded from gross income. This bill requires difficulty of care payments that are excluded from gross income to be treated as compensation for the purpose of determining limitations on contributions to tax-exempt retirement accounts. Difficulty of care payments are received by foster care providers as compensation for providing additional care for a foster individual. The care must be (1) required by reason of a physical, mental, or emotional handicap of the individual; and (2) provided in the home of the foster care provider.
AI Summary
This bill amends the Internal Revenue Code of 1986 to treat "difficulty of care" payments excluded from an individual's gross income as compensation for the purpose of determining limitations on contributions to tax-exempt retirement accounts, such as individual retirement accounts (IRAs) and defined contribution plans. Difficulty of care payments are received by foster care providers as compensation for providing additional care for a foster individual with a physical, mental, or emotional handicap. This allows foster care providers to contribute more to their retirement accounts based on the difficulty of care payments they receive, which are excluded from their taxable income.
Committee Categories
Budget and Finance
Sponsors (8)
Kim Schrier (D)*,
Judy Chu (D),
Suzan DelBene (D),
Jimmy Gomez (D),
Pramila Jayapal (D),
Jimmy Panetta (D),
Linda Sánchez (D),
Mike Thompson (D),
Last Action
Referred to the House Committee on Ways and Means. (on 03/27/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/1932/all-info |
| BillText | https://www.congress.gov/116/bills/hr1932/BILLS-116hr1932ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr1932/BILLS-116hr1932ih.pdf.pdf |
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