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United States · Bill · HR

H.R. 2359 (106th)

Alaska Native Claims Settlement Act Settlement Trusts Remedial Tax Act of 1999

referredUnited States· United States Congress· EN

Introduced

24 June 1999

Last action

24 June 1999 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Young, Don [R-AK-At Large], Rep. Miller, George [D-CA-11], Rep. Kildee, Dale E. [D-MI-5], Rep. Frost, Martin [D-TX-24], Rep. Pelosi, Nancy [D-CA-11], Rep. Abercrombie, Neil [D-HI-1], Rep. Foley, Mark [R-FL-16], Rep. McInnis, Scott [R-CO-3], Sen. Udall, Mark [D-CO], Rep. Pallone, Frank [D-NJ-6], Rep. Watkins, Wes [R-OK-3], Rep. Hayworth, J. D. [R-AZ-5], Rep. Kennedy, Patrick J. [D-RI-1], Rep. Smith, Adam [D-WA-9], Rep. Oberstar, James L. [D-MN-8], Del. Faleomavaega, Eni F. H. [D-AS-At Large], Rep. Houghton, Amo [R-NY-31], Rep. Towns, Edolphus [D-NY-10], Rep. Waters, Maxine [D-CA-43], Rep. Nethercutt, George R., Jr. [R-WA-5], Rep. Stupak, Bart [D-MI-1], Rep. Camp, Dave [R-MI-4]

Subjects

Taxation

Source updated

20 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Alaska Native Claims Settlement Act Settlement Trusts Remedial Tax Act of 1999 - 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

  1. 24 June 1999

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 24 June 1999

    Introduced

    Sponsor introductory remarks on measure. (CR E1393-1394)

    Source: IntroReferral

  3. 24 June 1999

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 24 June 1999

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 24 June 1999

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  • Introduced in House (PDF)

    Introduced in House · EN · 24 June 1999

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  • Introduced in House

    summary · EN · 24 June 1999

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Sponsors

Related records

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Sources

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