HR2637-118

Introduced

To amend the Internal Revenue Code of 1986 to waive the early withdrawal penalty on certain distributions from qualified retirement plans.

118th Congress Introduced Apr 17, 2023

Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.

Summary

What This Bill Does

The bill requires waiver of early withdrawal penalty on certain distributions from qualified retirement plans Section 72(t)(2) of the Internal Revenue Code of 1986 is amended to add at the end the following new subparagraph. It relies on compliance mandates and exemptions. The main policy areas are Business and Finance.

Who Benefits and How

Businesses and employers affected by the bill could face lower compliance burdens.

Who Bears the Burden and How

Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Public beneficiaries or protected communities affected by the clause could face increased risk.

Key Provisions

  • Requires waiver of early withdrawal penalty on certain distributions from qualified retirement plans Section 72(t)(2) of the Internal Revenue Code of 1986 is amended to add at the end the following new subparagraph...

Evidence Chain:

This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.

At a Glance

What This Bill Does

The bill requires waiver of early withdrawal penalty on certain distributions from qualified retirement plans Section 72(t)(2) of the Internal Revenue Code of 1986 is amended to add at the end the following new subparagraph.

Key Policy Areas

Business, Finance

Primary Purpose

The bill requires waiver of early withdrawal penalty on certain distributions from qualified retirement plans Section 72(t)(2) of the Internal Revenue Code of 1986 is amended to add at the end the following new subparagraph.

Policy Domains

Business Finance

Whole bill

Identified Gains
  • Businesses and employers affected by the bill
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
Businesses and employers affected by the bill:
Identified Costs
  • Federal, state, or local agencies responsible for implementing the clause
  • Public beneficiaries or protected communities affected by the clause
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
Public beneficiaries or protected communities affected by the clause:
Federal, state, or local agencies responsible for implementing the clause:

Legislative Progress

Introduced
Introduced Committee Passed
Apr 17, 2023

Mr. Santos introduced the following bill; which was referred to …

Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
Business Finance

We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.

Learn more about our methodology