summary
Introduced
08/01/2017
08/01/2017
In Committee
08/01/2017
08/01/2017
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 clarify the tax treatment of Alaska Native Settlement Trusts. The key provisions are:
1. It allows Alaska Native Corporations to assign certain payments from 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 a settlement trust.
3. It allows settlement trusts to elect to defer 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 Alaska Native Corporations to provide to settlement trusts regarding deductible contributions.
The bill is intended to provide more flexibility and favorable tax treatment for Alaska Native Corporations in managing their settlement trusts.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 08/01/2017)
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/senate-bill/1698/all-info |
| BillText | https://www.congress.gov/115/bills/s1698/BILLS-115s1698is.pdf |
| Bill | https://www.congress.gov/115/bills/s1698/BILLS-115s1698is.pdf.pdf |
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