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S 1698 115th Congress Senate Taxation Alaska Natives and Hawaiians Income tax deductions Income tax exclusion Indian claims

Settlement Trust Improvement Act of 2017

Introduced: August 1, 2017 Introduced by: Murkowski, Lisa Republican · Alaska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2017
Read twice and referred to the Committee on Finance.
Aug 1, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now August 1, 2017

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1