United States 114th Congress Status: Died 1 D cosponsors

HR 4972 — Expanding Penalty Free Withdrawal Act of 2016

Last action — Referred to the House Committee on Ways and Means.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Expanding Penalty Free Withdrawal Act of 2016 This bill amends the Internal Revenue Code to expand the exceptions that permit penalty-free distributions to unemployed individuals from retirement plans. The 10% additional tax on early distributions from retirement plans does not apply to an individual after separation from employment if: (1) the individual has received federal or state unemployment compensation for 26 consecutive weeks or, if less, the maximum period available under state law, and (2) the distributions are made during the year or the succeeding year in which the compensation is paid. The exception is limited to the lesser of: (1) $50,000 from all plans of the individual over a one-year period, or (2) the greater of $10,000 or one-half of the fair market value of the individual's retirement plans and the nonforfeitable portion of the individual's defined contribution plans. The exception does not apply to distributions that are: (1) included in the existing exception for distributions to unemployed individuals for health insurance premiums, or (2) are made after the individual has been employed for at least 60 days after the separation.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 4972 on the official United States source →

Action History

  1. Referred to the House Committee on Ways and Means.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation finance labor
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Frequently asked questions

What does HR 4972 do?
Expanding Penalty Free Withdrawal Act of 2016 This bill amends the Internal Revenue Code to expand the exceptions that permit penalty-free distributions to unemployed individuals from retirement plans. The 10% additional tax on early distributions from retirement plans does not apply to an individual after separation from employment if: (1) the individual has received federal or state unemployment compensation for 26 consecutive weeks or, if less, the maximum period available under state law, and (2) the distributions are made during the year or the succeeding year in which the compensation is paid. The exception is limited to the lesser of: (1) $50,000 from all plans of the individual over a one-year period, or (2) the greater of $10,000 or one-half of the fair market value of the individual's retirement plans and the nonforfeitable portion of the individual's defined contribution plans. The exception does not apply to distributions that are: (1) included in the existing exception for distributions to unemployed individuals for health insurance premiums, or (2) are made after the individual has been employed for at least 60 days after the separation.
Who sponsors HR 4972?
HR 4972 is sponsored by Bonnie Coleman (D).
What is the current status of HR 4972?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4972?
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