Declares that, for purposes of the Internal Revenue Code, any qualified distribution made by a Native Corporation shall not be treated as a distribution made out of earnings and profits. Defines a qualified distribution as any distribution to a Native (as defined under the Alaska Native Claims Settlement Act) or descendant of a Native which: (1) is made after the date of enactment of such Act; and (2) but for this Act would have been treated as a dividend.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-750.
Reported by the Committee on Ways and Means. H. Rept. 102-750.
Placed on the Union Calendar, Calendar No. 433.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
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