Bill To Offer Tax Incentives for Annuity Conversion
Legislation that would offer workers tax incentives to convert some of their retirement savings into annuities was introduced today by Rep. Earl Pomeroy, D-N.D., and Rep. Ginny Brown-Waite, R-Fla., according to a news release from Mr. Pomeroy’s office.
Under the bill, the Retirement Security Needs Lifetime Pay Act, households that convert after-tax dollars into lifetime annuities would not have to pay tax on up to 50% of the first $20,000 in taxable annuity payouts they receive annually, said Sandra Salstrom, Mr. Pomeroy’s spokeswoman.
Individuals who convert pre-tax retirement account savings to annuities would not have pay tax on 25% of the first $20,000 of annuity payments they receive each year, Ms. Salstrom said.
The bill is expected to be referred to the House Ways and Means Committee.
Source: pionline.com - 06/09/2009
Further Reading About The Retirement Security Needs Lifetime Pay Act (2009 H.R. 2748):
- Annuities Receive Attention In A Proposed Bill
- Bill Boosts Income Annuities
- Bill To Offer Tax Incentives For Annuity Conversion
- Bill Would Let Seniors Take Retirement Funds Through Annuity
- Buy An Annuity And Get A Tax Break Too
- Fair Disclosure For Retirement Security Act
- Groups Applaud Proposed Retirement Security Legislation
- Legislation Provides Incentives For Annuitizing Distributions
- Lifetime Annuities - The Retirement Security Needs Lifetime Pay Act H.R. 2748
- NAVA Lauds Introduction Of Critical Retirement Security Legislation
- New Bill Would Reduce Taxes On Lifetime Annuity Income
- Quiz Question: Proposed Tax Exclusion
- Retirement Security Needs Lifetime Pay Act Would Help Solve Nations Retirement Income Crisis
- Tax Break For Buying An Annuity
