Text: SCR00007 Text: SCR00009 Text: SCR00000 - SCR00099 Text: SCR Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 SENATE CONCURRENT RESOLUTION NO.
1 2 BY McCOY
1 3 A Concurrent Resolution to request that the United
1 4 States Congress amend the Internal Revenue Code
1 5 to allow individuals to use premature distributions
1 6 from tax-deferred annuities to pay for catastrophic
1 7 illnesses without being subject to penalty.
1 8 WHEREAS, the health care system in the United
1 9 States has undergone, and will continue to undergo,
1 10 profound changes, that affect the quality and
1 11 accessibility of health care services; and
1 12 WHEREAS, it remains a national goal to assure and
1 13 expand access to health care for Americans; and
1 14 WHEREAS, it behooves government to encourage
1 15 private sector solutions and the use of private
1 16 resources to address the problem of paying health care
1 17 costs; and
1 18 WHEREAS, section 72(q) of the Internal Revenue Code
1 19 provides for imposition of a penalty for premature
1 20 distributions from annuity contracts except for
1 21 distributions made under specified circumstances; and
1 22 WHEREAS, a catastrophic illness suffered by a
1 23 taxpayer, or spouse or dependent of the taxpayer, is
1 24 not a specified circumstance under section 72(q) of
1 25 the Internal Revenue Code; NOW THEREFORE,
1 26 BE IT RESOLVED BY THE SENATE, THE HOUSE OF
1 27 REPRESENTATIVES CONCURRING, That the Iowa General
1 28 Assembly requests the United States Congress to amend
1 29 the Internal Revenue Code to allow premature
1 30 distributions from tax-deferred annuities in the case
2 1 of a catastrophic illness suffered by a taxpayer, or
2 2 spouse or dependent of the taxpayer, without being
2 3 subject to penalty.
2 4 BE IT FURTHER RESOLVED, That copies of this
2 5 Resolution be sent by the Secretary of the Senate to
2 6 the President of the United States, the President of
2 7 the United States Senate, the Speaker of the United
2 8 States House of Representatives, and Iowa's
2 9 congressional delegation.
2 10 LSB 2741SS 77
2 11 sc/cf/24
Text: SCR00007 Text: SCR00009 Text: SCR00000 - SCR00099 Text: SCR Index Bills and Amendments: General Index Bill History: General Index
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