What is the official ID of this bill?

The official print number for this legislation is HR 2796.

When did the legislative process begin?

The process officially started on 2021-04-22.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/hr2796/BILLS-117hr2796ih.htm

Is this summary verified?

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

Who is the primary sponsor?

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

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

What is the latest detailed status?

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

Analysis and Potential Impact of HR 2796

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

Updates to family ownership rules for tax purposes

Q: 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.

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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Additional Information

Family Attribution Modernization Act

Print number: HR 2796

Sponsor: Rep. Panetta, Jimmy [D-CA-20]

Process start date: 2021-04-22

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-2.5-flash-preview-05-20

Source data: api.congress.gov

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Updates to family ownership rules for tax purposes

Key Questions about Updates to family ownership rules for tax purposes