A bill to amend section 17 of the Act of August 27, 1954 (25 U.S.C. 677p), relating to the distribution and taxation of assets and earnings, to clarify that distributions of rents and royalties derived from assets held in continued trust by the Government, and paid to the mixed-blood members of the Ute Indian tribe, their Ute Indian heirs, or Ute Indian legatees, are not subject to Federal or State taxation at the time of distribution, and for other purposes.
Mixed-Blood Ute Indian Tax Status Act - Amends Federal law to exempt from Federal or State tax the distribution of rents and royalties from U.S. trust held real estate or related oil, gas, or mineral interests paid to mixed-blood members of the Ute Tribe, or their Ute heirs or legatees.
Exempts the Ute Distribution Corporation from Federal and State corporate income taxes.
Executive Comment Requested from Interior, Treasury.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S8119)
Read twice and referred to the Committee on Finance.
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