A bill to amend the Internal Revenue Code of 1986 to clarify the treatment of contributions to Alaska Native Settlement Trusts, and for other purposes.
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.
Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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