Bill Boosts Income Annuities
Lawmakers have introduced a House bill that would provide a 50% tax exclusion, up to $10,000 a year, on the income from a non-qualified lifetime annuity.
The bill, H.R. 2748, the Retirement Security Needs Lifetime Pay Act, also would provide a 25% tax exemption on income from annuities sold with the guarantee provisions if the annuities were held in individual retirement accounts, or in qualified retirement plans other than defined benefit plans.
The bill would exclude the value of longevity insurance from amounts subject to required minimum distributions while changing the rules governing taxation of payments from partially annuitized deferred annuity contracts.
The bill was introduced by Reps. Earl Pomeroy, D-N.D, and Ginny Brown-Waite, R-Fla.
Source: lifeandhealthinsurancenews.com - 06/11/2009
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
