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H.R. 5470 (97th): Periodic Payment Settlement Tax Act of 1982

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 21, 1982.

(Conference report filed in House, H. Rept. 97-984) Title I: Income Tax Provisions - Amends the Internal Revenue Code to allow an income tax exclusion for damages for personal injuries or sickness whether the damages are paid as lump sums or as periodic payments. Provides that any amount received for agreeing to assume damage liability shall be excluded from gross income if it is used to purchase an annuity contract issued by any State-licensed insurance company or a U.S. obligation to cover the liability. Excludes from gross income difficulty of care payments made to a taxpayer for care of a handicapped foster child. Excludes from gross income basic foster care payments made to reimburse foster parents for the care of foster children. Title II: Tax Status of Indian Tribal Governments - Indian Tribal Governmental Tax Status Act of 1982 - Amends the Internal Revenue Code to treat an Indian tribal government as a State for purposes of: (1) determining the deductibility of a charitable contribution made to such tribe; (2) certain excise taxes; (3) deductions for State and local taxes; (4) the unrelated business income tax applicable to colleges and universities; (5) the credits for public retirement system income and contributions to candidates for public office; (6) the exclusion from gross income of certain scholarships and fellowship grants and contributions of certain employers for employee annuities; (7) the tax on excess lobbying expenditures by public charities; and (8) the tax treatment of activities of private foundations. Excludes from gross income, under specified circumstances, interest on industrial development bonds issued by an Indian tribal government. Specifies that the excise tax exemption and tax-exempt bond financing shall only apply to transactions involving an essential governmental function of an Indian tribal government. Disallows tax-exempt financing of private activities with industrial development bonds, scholarship bonds, and mortgage subsidy bonds. Defines "Indian tribal government" for the purposes of this Act. Excludes certain Alaska natives from such treatment. Sets forth effective dates for the provisions of this Act . Title III: Amendments to Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to waive the preemption by such Act of the Hawaiian Prepaid Health Care Act, thereby allowing Hawaii to continue its prepaid health care law. States that such preemption shall not apply to any State tax law relating to employee benefit plans or any amendment to the Hawaii Act enacted after September 2, 1974. States that this Act shall not be considered a precedent for extending the exception to preemption to other States. Authorizes the Secretary of Labor to enter into cooperative agreements with the State of Hawaii regarding preemption. Directs the Secretary to study the feasibility of extending the exemption to other States. Redefines "multiple employer welfare arrangement" for purposes of State and Federal regulation of health trusts. Defines the extent to which State laws are preempted by ERISA with respect to multiple employer welfare arrangements.