House Passes Foxx-Authored Provision to Streamline SIMPLE IRA Rollovers

Press Release

The House of Representatives today passed bipartisan legislation that includes language by Rep. Virginia Foxx, R-N.C., to correct a technical limitation preventing the rollover of tax-deferred retirement funds into existing SIMPLE IRA accounts.

The language is part of the Protecting Americans from Tax Hikes Act, which provides permanent tax relief for American families, college students, charities, small businesses and enterprises on the forefront of innovation.

"Individuals should be able to consolidate their retirement funds in a way that best meets their needs, and I'm pleased this legislation includes language that will simplify retirement planning and ensure a complex tax code does not prevent sensible financial planning decisions," said Foxx. "This legislation is an important first step on the long road to ensuring our tax system works for Americans, not against them."

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