H.R. 2355

Reservists and Guardsmen Tax Relief Act of 2007

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I

110th CONGRESS

1st Session

H. R. 2355

IN THE HOUSE OF REPRESENTATIVES

May 16, 2007

Mr. Weldon of Florida introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend the authority for penalty-free withdrawals from retirement plans by military reservists or national guardsmen called to active duty for extended periods.

1.

Short title

This Act may be cited as the Reservists and Guardsmen Tax Relief Act of 2007.

2.

Extension of penalty-free withdrawals by military reservists or national guardsmen called to active duty

(a)

In general

Clause (iv) of section 72(t)(2)(G) of the Internal Revenue Code of 1986 (relating to application of subparagraph) is amended by striking December 31, 2007 and inserting January 1, 2009.

(b)

Effective date

The amendment made by this section shall apply to individuals ordered or called to active duty on or after December 31, 2007.