US SB1698 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on August 1 2017 - 25% progression, died in committee
Action: 2017-08-01 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Settlement Trust Improvement Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of Alaska Native Settlement Trusts, to: (1) allow an Alaska Native Corporation to assign certain payments referenced in the Alaska Native Claims Settlement Act to a trust without including the payments in the gross income of the corporation, (2) allow the corporation to elect annually to deduct contributions made to a trust, (3) allow a trust to elect to defer the recognition of gains related to contributions of property other than cash until the sale or exchange of the property, and (4) establish information reporting requirements for deductible contributions to a trust.

Tracking Information

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Title

Settlement Trust Improvement Act of 2017

Sponsors


History

DateChamberAction
2017-08-01SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB3524 (Same As) 2017-08-14 - Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
SB1 (Related) 2017-11-28 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.

Subjects


US Congress State Sources


Bill Comments

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