summary
Introduced
07/27/2017
07/27/2017
In Committee
08/14/2017
08/14/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill 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.
AI Summary
This bill amends the Internal Revenue Code to provide the following key provisions:
1. It allows Alaska Native Corporations to assign certain payments referenced in the Alaska Native Claims Settlement Act to a trust without including those payments in the corporation's gross income.
2. It allows Alaska Native Corporations to annually elect to deduct contributions made to an Alaska Native Settlement Trust.
3. It allows Alaska Native Settlement Trusts to elect to defer the recognition of gains related to contributions of property other than cash until the property is sold or exchanged.
4. It establishes information reporting requirements for deductible contributions made by Alaska Native Corporations to Alaska Native Settlement Trusts.
The bill is intended as remedial Indian legislation, and any ambiguities in the new sections of the Internal Revenue Code added by the bill are to be resolved in favor of Alaska Native Corporations attempting to exclude income or claim a deduction.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (2)
Last Action
Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs. (on 08/14/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/3524/all-info |
| BillText | https://www.congress.gov/115/bills/hr3524/BILLS-115hr3524ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr3524/BILLS-115hr3524ih.pdf.pdf |
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