H.R. 5602: Gulf Coast Access to Savings Act of 2010
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H.R. 5602: Gulf Coast Access to Savings Act of 2010
111th Congress · introduced 2010-06-24 · Taxation · Latest: Referred to the House Committee on Ways and Means.
federal
Follow this bill, step by step
- Where it came from: introduced 2010-06-24 · official record
- Who proposed it: Rep. Putnam, Adam H. [R-FL-12] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Gulf Coast Access to Savings Act of 2010
Plain summary
Gulf Coast Access to Savings Act of 2010 - Amends the Internal Revenue Code to allow tax-free distributions, up to $50,000 in any taxable year, from retirement plans on or after April 20, 2010, and before January 1, 2011, for individuals whose principal place of abode is in Florida, Alabama, Mississippi, Louisiana, or Texas and who sustained an economic loss caused by the explosion on and sinking of the Deepwater Horizon offshore drilling unit, the resulting discharge of oil in the Gulf of Mexico, or the effects of such discharge on the economy in the affected areas. Provides tax incentives for the use of distributions by individuals in affected states to make home purchases. Increases to $100,000 the amount which may be borrowed without penalty from an employer benefit plan by individuals in affected states.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
What a vote does
A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
Gulf Coast Access to Savings Act of 2010
Source: Congressional Research Service summary (Introduced in House)
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The strongest published arguments
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Putnam, Adam H. [R-FL-12] · 2 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr5602.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>
Record fed-us-cong111-hr5602 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111