PAR Act
Bill Summary
Repeals the federal tax on certain retirement account withdrawals, allowing individuals to access their retirement savings without incurring a tax penalty. Changes the tax rules for retirement accounts to make it easier for people to use their savings.
Sponsored By
Bill Journey
- Jun 8, 2026
- Jun 8, 2026You Are Here
The committee will review the bill, debate amendments, and vote on whether to advance it to the full chamber.
- TBD
The full chamber debates the bill, may amend it, and votes on whether to pass it.
- TBD
If passed by the first chamber, the other chamber considers, may amend, and votes on the bill.
- TBD
If passed by both chambers, the bill goes to the President to sign into law or veto.
Why It Matters
This bill affects individuals with retirement accounts, such as 401(k) or IRA holders, by potentially reducing their tax liability when withdrawing from these accounts. It may also impact retirees or those nearing retirement age who rely on these accounts for income.
Impact Areas
Support & Opposition
- Republican1
Documents
1
Full text opens on congress.gov, the official source.
Bill Details
- Economy
Summary and impact analysis written by Judy (KnowGov's enrichment AI). Bill metadata, status, sponsor, and any floor votes from Prism. Sections marked “Sample” are placeholders not yet connected to live data.