This bill addresses the correction of errors related to the attribution of deductible contributions to individual retirement plans. It mandates that annuity contract providers must treat contributions made by individuals as being attributed to the preceding taxable year, provided that the contribution is received by the provider within the legally prescribed timeframe and the individual notifies the provider of the tax year designation within three years of the original due date for filing the return.

Additionally, the bill includes a provision that this correction is effective retroactively for notifications concerning contributions made in the year 2023 only. This aims to ensure that individuals can accurately reflect their contributions for tax purposes and avoid potential discrepancies in their taxable income.