S. 5125 · 117th Congress

Family Attribution Modernization Act

Stage
In committee
Sponsor
Mark Kelly
Introduced
2022-11-17
Latest action
2022-11-17 · Introduced in Senate

Summary

Family Attribution Modernization Act

This bill modifies family attribution rules for purposes of tax-exempt pension and profit sharing plans (e.g., 401k retirement plans) to provide that (1) community property laws shall be disregarded for purposes of determining ownership under attribution rules, and (2) attribution is eliminated for spouses and minor children under certain circumstances. The family attribution rule treats an individual taxpayer as owning property interests (e.g., stock) that are owned, directly or indirectly, by the individual's spouse, children, grandchildren, and parents.