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Family Attribution Modernization Act

12/29/2022, 8:33 AM

Congressional Summary of S 5125

Family Attribution Modernization Act

This bill modifies family attribution rules for purposes of tax-exempt pension and profit sharing plans (e.g., 401k retirement plans) to provide that (1) community property laws shall be disregarded for purposes of determining ownership under attribution rules, and (2) attribution is eliminated for spouses and minor children under certain circumstances. The family attribution rule treats an individual taxpayer as owning property interests (e.g., stock) that are owned, directly or indirectly, by the individual's spouse, children, grandchildren, and parents.

Current Status of Bill S 5125

Bill S 5125 is currently in the status of Bill Introduced since November 17, 2022. Bill S 5125 was introduced during Congress 117 and was introduced to the Senate on November 17, 2022.  Bill S 5125's most recent activity was Read twice and referred to the Committee on Finance. as of November 17, 2022

Bipartisan Support of Bill S 5125

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 5125

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 5125

Family Attribution Modernization Act
Family Attribution Modernization Act
A bill to amend the Internal Revenue Code of 1986 to reform the application of family attribution rules for purposes of retirement plans.

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