H.R.2591 - To amend certain provisions of the FAA Modernization and Reform Act of 2012.

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  • Official: To amend certain provisions of the FAA Modernization and Reform Act of 2012. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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06/28/13
 
 
 
 
 
 
 

Sponsor

Representative

Michael Grimm

R-NY

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Official Summary

Amends the FAA Modernization and Reform Act of 2012 to revise the authorization for commercial airline employees who had participated in a commercial airline's tax-exempt defined benefit pension plan, that was terminated, restricted, or frozen effective November 1, 2012, to: (1) transf

Official Summary

Amends the FAA Modernization and Reform Act of 2012 to revise the authorization for commercial airline employees who had participated in a commercial airline's tax-exempt defined benefit pension plan, that was terminated, restricted, or frozen effective November 1, 2012, to:
(1) transfer to a traditional individual retirement account (IRA) any amount received from the airline resulting from a bankruptcy proceeding filed between September 11, 2001, and January 1, 2007, or filed on November 29, 2011;
(2) exclude from the employee's gross income any such amount received from an airline that has been transferred to a traditional IRA; and
(3) rollover such an amount from a Roth IRA to a traditional IRA. Extends from April 15, 2013, to April 15, 2015, the time period during which such employees may reflect such an exclusion from gross income in a claim for refund for an overpayment of tax.

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