S.Amdt. 4210
What it does: 2 changes: inserts text in 2 places
Rep. Kirsten E. Gillibrand (D-NY)What it changes
2 changes to H.R. 4899
Change 1: Inserts new text on page 38, line 21
InsertsPrinted pageInserted: Office of Refugee Resettlement refugee school impact grant program For an additional amount for the Office of Refugee Resettlement, $2,000,000, which shall be used for the Refugee School Impact Grant Program to help schools accommodate and provide services for Haitian refugee students following the earthquake in Port-au-Prince on January 12, 2010.
Original wording
On page 38, after line 21, insert the following:
Change 2: Inserts new text on page 39, between lines 8 and 9
InsertsPrinted pageInserted: GENERAL PROVISIONS--THIS CHAPTER
Inserted: SEC. 701. APPLICATION OF PROHIBITED TRANSACTION RULES TO CERTAIN TRANSACTIONS INVOLVING OWNERS OF IRAS.
Inserted: (a) In General.--Section 4975(c) of the Internal Revenue Code of 1986 (defining prohibited transaction) is amended by adding at the end the following new paragraph:
Inserted: "(7) Special rules for transactions involving owners of individual retirement plans.--
Inserted: "(A) In general.--In the case of a plan described in subparagraph (B) or (C) of subsection (e)(1), any transaction between such plan (or any controlled entity of such plan) and the owner of such plan (or any controlled entity of such owner) shall be treated as a prohibited transaction for purposes of this section if not otherwise so treated.
Inserted: "(B) Controlled entity.--For purposes of this paragraph, the term 'controlled entity' means, with respect to any person, a corporation, partnership, or trust or estate of which (or in which) 50 percent or more of--
Inserted: "(i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corporation,
Inserted: "(ii) the capital interest or profits interest of such partnership, or
Inserted: "(iii) the beneficial interest of such trust or estate, is owned or held directly or indirectly by such person or any related person. The Secretary may by regulation expand the application of this paragraph to other pass-thru entities.
Inserted: "(C) Owner.--For purposes of this paragraph, the term 'owner' means, with respect to any plan, the individual for whose benefit the plan is maintained.".
Inserted: (b) Effective Date.--
Inserted: (1) In general.--Except as provided in paragraph (2), the amendment made by this section shall apply to transactions occurring after the date of the enactment of this Act.
Show 1 more inserted paragraphShow less
Inserted: (2) Exception for certain binding contracts.--The amendment made by this subsection shall not apply to any transaction occurring after the date of the enactment of this Act pursuant to a written binding contract in effect on such date and at all times thereafter.
Original wording
On page 39, between lines 8 and 9, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4210. Mrs. GILLIBRAND submitted an amendment intended to be proposed by her to the bill H.R. 4899, making emergency supplemental appropriations for disaster relief and summer jobs for the fiscal year ending September 30, 2010, and for other purposes; which was ordered to lie on the table; as follows:
On page 38, after line 21, insert the following:
Office of Refugee Resettlement
refugee school impact grant program
For an additional amount for the Office of Refugee Resettlement, $2,000,000, which shall be used for the Refugee School Impact Grant Program to help schools accommodate and provide services for Haitian refugee students following the earthquake in Port-au-Prince on January 12, 2010.
On page 39, between lines 8 and 9, insert the following:
GENERAL PROVISIONS--THIS CHAPTER
SEC. 701. APPLICATION OF PROHIBITED TRANSACTION RULES TO CERTAIN TRANSACTIONS INVOLVING OWNERS OF IRAS.
(a) In General.--Section 4975(c) of the Internal Revenue Code of 1986 (defining prohibited transaction) is amended by adding at the end the following new paragraph:
“(7) Special rules for transactions involving owners of individual retirement plans.--
“(A) In general.--In the case of a plan described in subparagraph (B) or (C) of subsection (e)(1), any transaction between such plan (or any controlled entity of such plan) and the owner of such plan (or any controlled entity of such owner) shall be treated as a prohibited transaction for purposes of this section if not otherwise so treated.
“(B) Controlled entity.--For purposes of this paragraph, the term ‘controlled entity' means, with respect to any person, a corporation, partnership, or trust or estate of which (or in which) 50 percent or more of--
“(i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corporation,
“(ii) the capital interest or profits interest of such partnership, or
“(iii) the beneficial interest of such trust or estate, is owned or held directly or indirectly by such person or any related person. The Secretary may by regulation expand the application of this paragraph to other pass-thru entities.
“(C) Owner.--For purposes of this paragraph, the term ‘owner' means, with respect to any plan, the individual for whose benefit the plan is maintained.”.
(b) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the amendment made by this section shall apply to transactions occurring after the date of the enactment of this Act.
(2) Exception for certain binding contracts.--The amendment made by this subsection shall not apply to any transaction occurring after the date of the enactment of this Act pursuant to a written binding contract in effect on such date and at all times thereafter.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
May 25, 2010