Sec. 321. Elimination of additional tax on certain distributions
169 words·~1 min read·
/bill/115/s/3781/is/section-321A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(A)of section 72(t)(2), as amended by this Act, is further amended— by striking or at the end of clause (vii); by striking the period at the end of clause
(viii)and inserting , or ; and by inserting after clause
(viii)the following new clause: attributable to withdrawal of interest or other income earned on excess contributions (as defined in section 4973(b) (without regard to the second to last sentence thereof)) to an individual retirement plan. . The amendments made by this section shall apply to any determination of, or affecting, liability for taxes, interest, or penalties which is made on or after the date of the enactment of this Act, without regard to whether the act (or failure to act) upon which the determination is based occurred before such date of enactment. Notwithstanding the preceding sentence, nothing in the amendments made by this section shall be construed to create an inference with respect to the law in effect prior to the effective date of such amendments.