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December 15, 2008
By Lake County News Reports

WASHINGTON, D.C. ­ Late last week, the House of Representatives and the US Senate passed legislation to temporarily suspend a tax on seniors who fail to take a required minimum distribution from their retirement accounts.

HR 7327, the Worker, Retiree and Employer Recovery Act was approved by the House on Dec. 10 and the Senate on Dec. 11.

It waives the penalty for 2009, allowing seniors to recoup some of the losses they have experienced as a result of the poor economy, according to a report from the office of Congressman Mike Thompson (D-St. Helena).

HR 7327 now heads to President George W. Bush's desk for his signature.

Read entire article: http://lakeconews.com/content/view/6649/764/