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Stop Tax Penalties on American Hostages Act of 2024
4/16/2024, 1:15 PM
Summary of Bill S 4057
Bill 118 s 4057, also known as the Stop Tax Penalties on American Hostages Act of 2024, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of tax penalties imposed on American hostages and their families.
The bill seeks to provide relief to individuals who have been taken hostage by foreign entities by exempting them from certain tax penalties that they may incur as a result of their captivity. Specifically, the legislation aims to waive penalties related to early withdrawals from retirement accounts, such as 401(k) plans and IRAs, for hostages and their families.
The Stop Tax Penalties on American Hostages Act of 2024 recognizes the financial burden that hostages and their families may face during and after their captivity, and aims to alleviate some of the financial stress by providing them with tax relief. The bill is a bipartisan effort to support American hostages and their loved ones during difficult times. Overall, the legislation is designed to provide much-needed assistance to American hostages and their families by easing their financial burdens and ensuring that they are not further penalized for circumstances beyond their control.
The bill seeks to provide relief to individuals who have been taken hostage by foreign entities by exempting them from certain tax penalties that they may incur as a result of their captivity. Specifically, the legislation aims to waive penalties related to early withdrawals from retirement accounts, such as 401(k) plans and IRAs, for hostages and their families.
The Stop Tax Penalties on American Hostages Act of 2024 recognizes the financial burden that hostages and their families may face during and after their captivity, and aims to alleviate some of the financial stress by providing them with tax relief. The bill is a bipartisan effort to support American hostages and their loved ones during difficult times. Overall, the legislation is designed to provide much-needed assistance to American hostages and their families by easing their financial burdens and ensuring that they are not further penalized for circumstances beyond their control.
Read the Full Bill
Current Status of Bill S 4057
Bill S 4057 is currently in the status of Bill Introduced since March 22, 2024. Bill S 4057 was introduced during Congress 118 and was introduced to the Senate on March 22, 2024. Bill S 4057's most recent activity was Read twice and referred to the Committee on Finance. as of March 22, 2024
Bipartisan Support of Bill S 4057
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
4Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4057
Primary Policy Focus
Alternate Title(s) of Bill S 4057
Stop Tax Penalties on American Hostages Act of 2024
Stop Tax Penalties on American Hostages Act of 2024
A bill to amend the Internal Revenue Code of 1986 to postpone tax deadlines and reimburse paid late fees for United States nationals who are unlawfully or wrongfully detained or held hostage abroad, and for other purposes.
Comments
Sponsors and Cosponsors of S 4057
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