summary
Introduced
05/27/2021
05/27/2021
In Committee
05/27/2021
05/27/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide for penalty-free withdrawals from retirement accounts for certain emergency expenses, and for other purposes.
AI Summary
This bill, the Enhancing Emergency and Retirement Savings Act of 2021, amends the Internal Revenue Code to allow for penalty-free withdrawals of up to $1,000 per year from eligible retirement plans to cover certain emergency personal expenses. The bill provides that individuals who receive such "emergency personal expense distributions" can later repay the amount withdrawn within a 3-year period, effectively treating the distribution as a tax-free rollover. The bill also includes safeguards to limit the number and total amount of such distributions that an individual can take from their retirement accounts.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 05/27/2021)
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/117th-congress/senate-bill/1870/all-info |
| BillText | https://www.congress.gov/117/bills/s1870/BILLS-117s1870is.pdf |
| Bill | https://www.congress.gov/117/bills/s1870/BILLS-117s1870is.pdf.pdf |
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