INDIVIDUAL RETIREMENT PLAN STATUTE OF LIMITATIONS FOR EXCISE TAX ON EXCESS CONTRIBUTIONS AND CERTAIN ACCUMULATIONS.

SEC. 313. INDIVIDUAL RETIREMENT PLAN STATUTE OF LIMITATIONS FOR EXCISE TAX ON EXCESS CONTRIBUTIONS AND CERTAIN ACCUMULATIONS.(a) In General.—Section 6501(l) is amended by adding at the end the following new paragraph:“(4) Individual retirement plans.—“(A) In general.—For purposes of any tax imposed by section 4973 or 4974 in connection with an individual retirement plan, the return referred to in this section shall include the income tax return filed by the person on whom the tax under such section is imposed for the year in 136 STAT. 5349 which the act (or failure to act) giving rise to the liability for such tax occurred. “(B) Rule in case of individuals not required to file return.—In the case of a person who is not required to file an income tax return for such year—“(i) the return referred to in this section shall be the income tax return that such person would have been required to file but for the fact that such person was not required to file such return, and “(ii) the 3-year period referred to in subsection (a) with respect to the return shall be deemed to begin on the date by which the return would have been required to be filed (excluding any extension thereof). “(C) Period for assessment in case of income tax return.—In any case in which the return with respect to a tax imposed by section 4973 is the individual’s income tax return for purposes of this section, subsection (a) shall be applied by substituting a 6-year period in lieu of the 3-year period otherwise referred to in such subsection. “(D) Exception for certain acquisitions of property.—In the case of any tax imposed by section 4973 that is attributable to acquiring property for less than fair market value, subparagraph (A) shall not apply.” . (b) Effective Date.—The amendments made by this section shall take effect on the date of the enactment of this Act.