H.R. 126 · 110th Congress
To amend the Internal Revenue Code of 1986 to allow loans from individual retirement plans for qualified small business capital assets.
- Stage
- In committee
- Sponsor
- Jeff Fortenberry
- Introduced
- 2007-01-04
- Latest action
- 2007-01-04 · Introduced in House
Summary
Amends the Internal Revenue Code to exempt from the penalty tax for prohibited transactions loans from an individual retirement plan to acquire certain small business capital assets. Requires such loans to be repaid within five years.