A bill to amend the Internal Revenue Code of 1954 to allow an individual to establish a tax exempt trust fund for the support of a handicapped dependent.

Summary

Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a handicapped dependent support fund. Limits the dollar amount of such deduction to $1,500 in calendar year 1980 with inflation adjustments to such amount in succeeding taxable years. Defines "handicapped dependent support fund" as an irrevocable trust created for the exclusive benefit of a dependent of a taxpayer who is a handicapped individual. Sets forth requirements for the establishment and operation of the trust fund. Exempts handicapped dependent support trusts from income taxation.

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Documents

1 official file

• Introduced in House

  summary · EN · 7 September 1979

  Open at official source

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