Political Quotes

“Mr. President, I ask unanimous consent that the reading of the amendment be dispensed with. The PRESIDING OFFICER. Without objection, it is so ordered. The amendment, as modified, is as follows: After section 1105, insert the following: SEC. __. SPECIAL RULES FOR USE OF RETIREMENT FUNDS IN CONNECTION WITH FEDERALLY DECLARED DISASTERS. (a) Tax-favored Withdrawals From Retirement Plans.-- (1) In general.--Paragraph (2) of section 72(t) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(H) Distributions from retirement plans in connection with federally declared disasters.--Any qualified disaster recovery distribution.''. (2) Qualified disaster recovery distribution.--Section 72(t) of such Code is amended by adding at the end the following new paragraph: ``(11) Qualified disaster recovery distribution.--For purposes of paragraph (2)(H)-- ``(A) In general.--Except as provided in subparagraph (B), the term `qualified disaster recovery distribution' means, with respect to any federally declared disaster, any distribution from an eligible retirement plan made on or after the applicable disaster date and before the date that is 1 year after such date, to an individual whose principal place of abode on the applicable disaster date, is located in the disaster area and who has sustained an economic loss by reason of such federally declared disaster.…”