To remove any doubt that split-dollar insurance arrangements are an unwarranted tax avoidance scheme and are prohibited under current law.
Charitable Integrity Restoration Act - States that nothing in the Internal Revenue Code or in any other provision of law shall be construed to permit a deduction for a transfer of money or property to a charitable organization if there is a reasonable expectation that such organization will: (1) purchase a life insurance endowment or annuity for the donor or designee; or (2) engage in any other transaction which will personally benefit such person.
Treats any such disallowed deduction as an expenditure inuring for the benefit of a private individual.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E152)
Referred to the House Committee on Ways and Means.
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