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Bills · 2009-2010 Regular Session

SB 416

Died at session end Official bill text Atom feed

adopting Internal Revenue Code provisions related to individual retirement accounts.

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under federal law, section 512 of Public Law 109-222, the Tax Increase

Prevention and Reconciliation Act of 2005, allows taxpayers who have adjusted gross

income over $100,000 to convert amounts from a traditional individual retirement

account (IRA) to a Roth IRA and pay the federal tax on the IRA distribution over two

years. This bill adopts section 512 of Public Law 109-222 for state income and

franchise tax purposes.

Under federal law, section 811 of Public Law 109-280, the Pension Protection

Act of 2006, makes permanent the pension and IRA provisions of the Economic

Growth and Tax Relief Reconciliation Act of 2001 and increases the amount that a

taxpayer may contribute to retirement plans and IRAs. This bill adopts section 811

of Public Law 109-280 for state income and franchise tax purposes.

Because this bill relates to an exemption from state or local taxes, it may be

referred to the Joint Survey Committee on Tax Exemptions for a report to be printed

as an appendix to the bill.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Darling (R) , Grothman (R) , Harsdorf (R) , Kanavas (R) , Kapanke (R) , Kedzie (R) , Lazich (R) , Leibham (R) , Olsen (R) , Plale (D) , S. Fitzgerald (R) , Schultz (R) , Taylor (D) , Wirch (D)

23 cosponsors

Ballweg (R) , Brooks (R) , Gottlieb (R) , Gunderson (R) , Honadel (R) , Huebsch (R) , Kaufert (R) , Kerkman (R) , Kestell (R) , LeMahieu (R) , Lothian (R) , Meyer (R) , Montgomery (R) , Newcomer (R) , Nygren (R) , Roth (R) , Strachota (R) , Suder (R) , Townsend (R) , Van Roy (R) , Vos (R) , Ziegelbauer (I) , Zipperer (R)

Full history

  1. Dec 2, 2009 · Senate

    Introduced by Senators Grothman, Wirch, Kapanke, Darling, S. Fitzgerald, Taylor, Kedzie, Leibham, Lazich, Plale, Olsen, Schultz, Harsdorf and Kanavas;Cosponsored by Representatives Strachota, Kestell, Van Roy, Lothian, Townsend, Meyer, Kaufert, Vos, Newcomer, Gottlieb, Kerkman, Ziegelbauer, Montgomery, Gunderson, LeMahieu, Roth, Zipperer, Ballweg, Brooks, Huebsch, Suder, Nygren and Honadel

  2. Dec 2, 2009 · Senate

    Read first time and referred to committee on Health, Health Insurance, Privacy, Property Tax Relief, and Revenue

  3. Dec 23, 2009 · Senate

    Fiscal estimate received

  4. Apr 28, 2010 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1