H.R.2591 - To amend certain provisions of the FAA Modernization and Reform Act of 2012.113th Congress (2013-2014)
Summary: H.R.2591 — 113th Congress (2013-2014)
Introduced in House (06/28/2013)
Amends the FAA Modernization and Reform Act of 2012 to revise the authorization for commercial airline employees who had participated in a commercial airline's tax-exempt defined benefit pension plan, that was terminated, restricted, or frozen effective November 1, 2012, to: (1) transfer to a traditional individual retirement account (IRA) any amount received from the airline resulting from a bankruptcy proceeding filed between September 11, 2001, and January 1, 2007, or filed on November 29, 2011; (2) exclude from the employee's gross income any such amount received from an airline that has been transferred to a traditional IRA; and (3) rollover such an amount from a Roth IRA to a traditional IRA.
Extends from April 15, 2013, to April 15, 2015, the time period during which such employees may reflect such an exclusion from gross income in a claim for refund for an overpayment of tax.