This bill addresses the correction of errors related to the attribution of deductible contributions to individual retirement plans. It mandates that if an annuity contract provider receives a contribution from an individual for an individual retirement plan by the deadline specified in the Internal Revenue Code, the provider must treat that contribution as if it were made for the previous taxable year. This provision is contingent upon the individual notifying the provider of the tax year designation for the contribution within three years of the original due date for filing the return for that taxable year.

Additionally, the bill includes a retroactive effective date, applying specifically to notifications for contributions made in 2023. This allows individuals to correct the attribution of their retirement contributions for that year, ensuring they receive the appropriate tax benefits.