To amend the Internal Revenue Code of 1986 to authorize the Secretary of the Treasury to extend the date for making a gift tax qualified terminable interest property election.

Amends the Internal Revenue Code to direct the Secretary of the Treasury to issue regulations for granting extensions to taxpayers for making a gift tax qualified terminable interest property (QTIP) election.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5884 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5884

 To amend the Internal Revenue Code of 1986 to authorize the Secretary 
  of the Treasury to extend the date for making a gift tax qualified 
                 terminable interest property election.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2006

 Mr. Ramstad introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to authorize the Secretary 
  of the Treasury to extend the date for making a gift tax qualified 
                 terminable interest property election.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AUTHORITY TO EXTEND PERIOD FOR MAKING QTIP ELECTION UNDER 
              THE GIFT TAX.

    (a) In General.--Paragraph (4) of section 2523(f) of the Internal 
Revenue Code of 1986 (relating to qualified terminable interest 
property election) is amended by adding at the end the following new 
subparagraph:
                    ``(C) Authority to extend period for making 
                election.--
                            ``(i) In general.--The Secretary shall by 
                        regulation prescribe such circumstances and 
                        procedures under which extensions of time will 
                        be granted to make an election under this 
                        subsection. Such regulations shall include 
                        procedures for requesting comparable relief 
                        with respect to transfers made before the date 
                        of the enactment of this subparagraph.
                            ``(ii) Basis for determinations.--In 
                        determining whether to grant relief under this 
                        subparagraph, the Secretary shall take into 
                        account all relevant circumstances, including 
                        evidence of intent contained in the trust 
                        instrument or instrument of transfer and such 
                        other factors as the Secretary deems relevant. 
                        For purposes of determining whether to grant 
                        relief under this subparagraph, the time for 
                        making the election shall be treated as if not 
                        expressly prescribed by statute.''.
    (b) Effective Date.--Section 2523(f)(4)(C) of the Internal Revenue 
Code of 1986 (as added by subsection (a)) shall apply to requests 
pending on, or filed after, the date of the enactment of this Act.
                                 <all>