Family Attribution Modernization Act

Senate Bill 5125 - Family Attribution Modernization Act: Overview, Status, and Impact

Hozzl · 2022-12-29T08:33:29Z

Explore the details of Senate Bill 5125 Family Attribution Modernization Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

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.

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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