To amend the Internal Revenue Code of 1986 to clarify the tax treatment of Settlement Trusts established pursuant to the Alaska Native Claims Settlement Act.

Summary

Amends the Internal Revenue Code with respect to the tax treatment of Settlement Trusts established under the Alaska Native Claims Settlement Act. Exempts from income taxation any such Settlement Trust electing coverage by this Act. Declares that for an electing trust: (1) no amount shall be includible in the gross income of a Settlement Trust beneficiary by reason of a contribution to the Settlement Trust during such taxable year; and (2) the ordinary requirements for taxation of trusts and beneficiaries shall not apply. Requires an electing trust to distribute at least 55 percent of its adjusted taxable income each taxable year. Imposes a tax on a trust, in the amount of the failure, if the distribution is insufficient. Includes in the beneficiary's gross income, as ordinary income, any distribution from an electing trust (only when the actual distribution is received). Provides that distributions from the trust will be taxable as ordinary income even if the distribution represents a return of capital. Requires tax withholding on trust distributions over a certain amount.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 May 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 25 May 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 25 May 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.