2943 -- To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax. | Poliscope

To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.

2943

117th Congress

Taxation

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

April 30, 2021

Latest Action

April 30, 2021

Primary Sponsor

David SchweikertRepublican(AZ)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 9,698 other HR bills in the 117th — cohort avg 63d

Summary

This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual's tax return. The elective deferral is treated as made prior to the end of the plan's first plan year. An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee's election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee's gross income.