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Updates to family ownership rules for tax purposes

This act modifies how ownership is attributed among family members for tax purposes, particularly concerning retirement plans. The goal is to simplify compliance for businesses regarding controlled groups and affiliated service groups, potentially impacting the stability and availability of employee benefits.
Key points
Community property laws will be disregarded when determining ownership, simplifying calculations.
Ownership not attributed to a spouse will also not be attributed to minor children, potentially changing business classifications.
Changes in controlled or affiliated service group status will be treated as transactions, easing adaptation to new rules.
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Expired
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Additional Information
Print number: 117_HR_2796
Sponsor: Rep. Panetta, Jimmy [D-CA-20]
Process start date: 2021-04-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Family Attribution Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2796.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-22.

What are the main provisions?

Key points include:

  • Community property laws will be disregarded when determining ownership, simplifying calculations.
  • Ownership not attributed to a spouse will also not be attributed to minor children, potentially changing business classifications.
  • Changes in controlled or affiliated service group status will be treated as transactions, easing adaptation to new rules.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Panetta, Jimmy [D-CA-20].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Labor