H.R. 6708 · 110th Congress
To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.
- Stage
- In committee
- Sponsor
- Bill Foster
- Introduced
- 2008-07-31
- Latest action
- 2008-07-31 · Introduced in House
Summary
Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.