[Congressional Bills 103th Congress] [From the U.S. Government Publishing Office] [S. 195 Introduced in Senate (IS)] 103d CONGRESS 1st Session S. 195 To repeal the mandatory 20 percent income tax withholding on eligible rollover distributions which are not rolled over. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 26 (legislative day, January 5), 1993 Mr. Helms introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To repeal the mandatory 20 percent income tax withholding on eligible rollover distributions which are not rolled over. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REPEAL OF MANDATORY 20 PERCENT INCOME TAX WITHHOLDING ON ELIGIBLE IRA ROLLOVER DISTRIBUTIONS WHICH ARE NOT ROLLED OVER. (a) Repeal of Withholding Requirement.--Subsection (b) of section 522 of the Unemployment Compensation Amendments of 1992 (relating to withholding on eligible rollover distributions which are not rolled over), and the amendments made by such subsection, are hereby repealed, and the Internal Revenue Code of 1986 shall be applied and administered as if such subsection, and amendments, had never been enacted. (b) Offset.--The President is authorized to reduce obligations and expenditures for programs, projects, and activities authorized under the Foreign Assistance Act of 1961, except for allocation of funds for countries specified in law, by such sums as are necessary to offset the loss of revenues under subsection (a). <all>