HR 2796
Family Attribution Modernization Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Family Attribution Modernization Act, changes how retirement plans are taxed by updating the rules for determining who is considered an ‘owner’ of investments. Specifically, it removes the requirement to consider a spouse’s business when determining ownership for tax purposes if both spouses operate separate businesses in a community property state. It also clarifies that a parent’s business will not be attributed to their minor children for attribution purposes. These changes aim to simplify the tax rules for retirement plans and reduce potential complications for taxpayers.
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