Reservists and Guardsmen Tax Relief Act of 2007

Reservists and Guardsmen Tax Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2008 the exemption from tax penalties for premature distributions from retirement plans by members of the National Guard or Ready Reserve called to active duty.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2355 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2355

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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
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