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H.R. 1104 (114th): Fair Treatment for All Gifts Act

The text of the bill below is as of Apr 13, 2015 (Reported by House Committee).


IB

Union Calendar No. 45

114th CONGRESS

1st Session

H. R. 1104

[Report No. 114–64]

IN THE HOUSE OF REPRESENTATIVES

February 26, 2015

introduced the following bill; which was referred to the Committee on Ways and Means

April 13, 2015

Additional sponsors: Mr. Bishop of Michigan, Mr. Blum, Mr. Bost, Mr. Kelly of Pennsylvania, Mr. Grothman, and Mr. Reed

April 13, 2015

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on February 26, 2015


A BILL

To amend the Internal Revenue Code of 1986 to provide a deduction from the gift tax for gifts made to certain exempt organizations.


1.

Short title

This Act may be cited as the Fair Treatment for All Gifts Act.

2.

Deduction from gift tax for gifts made to certain exempt organizations

(a)

In general

Section 2522(a) of the Internal Revenue Code of 1986 is amended by striking the period at the end of paragraph (4) and inserting a semicolon and by inserting after paragraph (4) the following new paragraph:

(5)

an organization described in paragraph (4), (5), or (6) of section 501(c) and exempt from tax under section 501(a).

.

(b)

Effective date

The amendments made by subsection (a) shall apply to gifts made after the date of the enactment of this Act.

(c)

No inference

Nothing in the amendments made by subsection (a) shall be construed to create any inference with respect to whether any transfer of property (whether made before, on, or after the date of the enactment of this Act) to an organization described in paragraph (4), (5), or (6) of section 501(c) of the Internal Revenue Code of 1986 is a transfer of property by gift for purposes of chapter 12 of such Code.

April 13, 2015

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed