Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
117TH CONGRESS
1ST SESSION H. R. 2943
To amend the Internal Revenue Code of 1986 to allow retroactive elective
deferrals for owners of unincorporated businesses in the case of a plan
adopted after the close of the taxable year and before the time for
filing the return of tax.
IN THE HOUSE OF REPRESENTATIVES
APRIL 30, 2021
Mr. SCHWEIKERT introduced the following bill; which was referred to the
Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow retro-
active elective deferrals for owners of unincorporated
businesses in the case of a plan adopted after the close
of the taxable year and before the time for filing the
return of tax.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. RETROACTIVE FIRST YEAR ELECTIVE DEFER-
3
RALS FOR SOLE PROPRIETORS.
4
(a) IN GENERAL.—Section 401(b) of the Internal
5
Revenue Code of 1986 is amended by adding at the end
6
the following: ‘‘In the case of an individual who owns the
7
VerDate Sep 11 2014
05:10 Jun 09, 2021
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2943.IH
H2943
kjohnson on DSK79L0C42PROD with BILLS
2
•HR 2943 IH
entire interest in an unincorporated trade or business, and
1
who is the only employee of such trade or business, any
2
elective deferral (as defined in section 402(g)(3)) under
3
a plan to which the preceding sentence applies which is
4
made by such individual before the time for filing the re-
5
turn of such individual for the taxable year (determined
6
without regard to any extensions) shall be treated as hav-
7
ing been made before the end of the plan’s first plan
8
year.’’.
9
(b) EFFECTIVE DATE.—The amendment made by
10
this section shall apply to plan years beginning after De-
11
cember 31, 2021.
12
Æ
VerDate Sep 11 2014
05:10 Jun 09, 2021
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\H2943.IH
H2943
kjohnson on DSK79L0C42PROD with BILLS