Guardsmen & Reservists' Tax Fairness Act of 2007

Guardsmen & Reservists' Tax Fairness Act of 2007 - Amends the Internal Revenue Code to make permanent 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. 867 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 867

   To amend the Internal Revenue Code of 1986 to make permanent the 
provision for penalty-free withdrawals from individual retirement plans 
                 for qualified reservist distributions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2007

 Mr. Reynolds 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 make permanent the 
provision for penalty-free withdrawals from individual retirement plans 
                 for qualified reservist distributions.

    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 ``Guardsmen & Reservists' Tax Fairness 
Act of 2007''.

SEC. 2. PENALTY-FREE WITHDRAWAL FOR QUALIFIED RESERVIST DISTRIBUTIONS 
              MADE PERMANENT.

    Clause (iv) of section 72(t)(2)(G) of the Internal Revenue Code of 
1986 (relating to distributions from retirement plans to individuals 
called to active duty) is amended by striking ``, and before December 
31, 2007''.
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