S.Amdt. 546

SA 546. Mr. COBURN submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 451, after line 13, insert the following:

SEC. 1008. WAIVER OF 10 PERCENT PENALTY TO MAKE AN EARLY
WITHDRAWAL FROM RETIREMENT ACCOUNTS FOR
MORTGAGE PAYMENTS.

(a) In General.--Section 72(t)(2) is amended by adding at
the end the following new subparagraph:
``(H) Distributions for qualified mortgage payments.--
``(i) In general.--Any qualified mortgage payment
distribution.
``(ii) Qualified mortgage payment distribution.--For
purposes of this subparagraph, the term `qualified mortgage
payment distribution' means any distribution to an individual
if such distribution--

``(I) is made for the purpose of making payments relating
to a qualifying mortgage or to the refinancing or
modification of any outstanding qualifying mortgage, and
``(II) is made on or after the date of the enactment of the
American Recovery and Reinvestment Tax Act of 2009, and
before January 1, 2011.

``(iii) Qualifying mortgage.--For purposes of this
subparagraph, the term `qualifying mortgage' means a security
interest in the debtor's principal residence (within the
meaning of section 121), including a principal residence that
is purchased using the mortgage funds.''.
(b) Effective Date.--The amendment made by this section
shall apply to distributions made on or after the date of the
enactment of this Act.

SEC. 1009. INCREASE IN MANDATORY DISTRIBUTION AGE FOR
RETIREMENT ACCOUNTS.

(a) In General.--Sections 401, 408, and 408A are each
amended by striking ``70 \1/2\'' each place it appears and
inserting ``70 \1/2\ (72 \1/2\ in the case of distributions
in plan years beginning after the date of the enactment of
the American Recovery and Reinvestment Tax Act of 2009, and
before January 1, 2011)''.
(b) Effective Date.--The amendments made by this section
shall apply to distributions in plan years beginning after
the date of the enactment of this Act.
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