LENDER ALERT: The Build Back Better Act: Latest Cuts Include IRA Provisions
THE BUILD BACK BETTER ACT: PROHIBITION OF IRA INVESTMENTS CONDITIONED ON ACCOUNT HOLDER’S STATUS AND PROHIBITION OF INVESTMENT OF IRA ASSETS IN ENTITIES, DROPPED FROM BILL IN THE LAST 24 HRS
In the latest revisions of this $3.5 trillion bill, it seems lawmakers are now shifting their focus on eliminating key retirement provisions. These cuts center around individual Retirement Accounts that would be blocked from holding any assets acquired by the investors, under SEC rules. This could include a specified minimum amount of income or assets, a specified minimum level of education, or a specific license or credential to invest in. IRAs that are holding these types of investments would be at risk of losing their IRA status. The removal of such provisions could potentially prove to be beneficial for the private lending industry.
