A bill to amend the Internal Revenue Code of 1954 to exempt from taxation certain trusts established for the benefit of parents or handicapped relatives, and to provide a deduction for contributions to such trusts.

openUnited States· United States Congress· EN

Introduced

31 July 1981

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Summary

Amends the Internal Revenue Code to establish a tax-exempt trust for the care of the parents and handicapped dependents of the taxpayer. Allows a $3,000 income tax deduction for contributions to such a trust.

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Documents

1 official file

Introduced in Senate
summary · EN · 31 July 1981
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/1582
Open data entity: https://api.congress.gov/v3/bill/97/s/1582