119 STAT. 2596
PUBLIC LAW 109–135—DEC. 21, 2005
the Secretary of the Treasury may, on a taxpayer by taxpayer basis, extend the required date of the placement in service of such property under such section by such period of time as is determined necessary by the Secretary but not to exceed 1 year. For purposes of the preceding sentence, the determination shall be made by only taking into account the effect of one or more hurricanes on the date of such placement by the taxpayer.
TITLE II—TAX BENEFITS RELATED TO HURRICANES RITA AND WILMA SEC. 201. EXTENSION OF CERTAIN EMERGENCY TAX RELIEF FOR HURRICANE KATRINA TO HURRICANES RITA AND WILMA.
(a) IN GENERAL.—Part II of subchapter Y of chapter 1 (as added by this Act) is amended by adding at the end the following new sections: ‘‘SEC. 1400Q. SPECIAL RULES FOR USE OF RETIREMENT FUNDS.
‘‘(a) TAX-FAVORED WITHDRAWALS FROM RETIREMENT PLANS.— ‘‘(1) IN GENERAL.—Section 72(t) shall not apply to any qualified hurricane distribution. ‘‘(2) AGGREGATE DOLLAR LIMITATION.— ‘‘(A) IN GENERAL.—For purposes of this subsection, the aggregate amount of distributions received by an individual which may be treated as qualified hurricane distributions for any taxable year shall not exceed the excess (if any) of— ‘‘(i) $100,000, over ‘‘(ii) the aggregate amounts treated as qualified hurricane distributions received by such individual for all prior taxable years. ‘‘(B) TREATMENT OF PLAN DISTRIBUTIONS.—If a distribution to an individual would (without regard to subparagraph (A)) be a qualified hurricane distribution, a plan shall not be treated as violating any requirement of this title merely because the plan treats such distribution as a qualified hurricane distribution, unless the aggregate amount of such distributions from all plans maintained by the employer (and any member of any controlled group which includes the employer) to such individual exceeds $100,000. ‘‘(C) CONTROLLED GROUP.—For purposes of subparagraph (B), the term ‘controlled group’ means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414. ‘‘(3) AMOUNT DISTRIBUTED MAY BE REPAID.— ‘‘(A) IN GENERAL.—Any individual who receives a qualified hurricane distribution may, at any time during the 3-year period beginning on the day after the date on which such distribution was received, make one or more contributions in an aggregate amount not to exceed the amount of such distribution to an eligible retirement plan of which such individual is a beneficiary and to which a rollover contribution of such distribution could be made under section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), as the case may be.
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