PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 30, 1999
Amends the Internal Revenue Code with respect to the tax treatment of Settlement Trusts established under the Alaska Native Claims Settlement Act. Exempts from income taxation any such Settlement Trust electing coverage by this Act. Declares that for an electing trust: (1) no amount shall be includible in the gross income of a Settlement Trust beneficiary by reason of a contribution to the Settlement Trust during such taxable year; and (2) the ordinary requirements for taxation of trusts and beneficiaries shall not apply. Requires an electing trust to distribute at least 55 percent of its adjusted taxable income each taxable year. Imposes a tax on a trust, in the amount of the failure, if the distribution is insufficient. Includes in the beneficiary's gross income, as ordinary income, any distribution from an electing trust (only when the actual distribution is received). Provides that distributions from the trust will be taxable as ordinary income even if the distribution represents a return of capital. Requires tax withholding on trust distributions over a certain amount.
People & committees
Sen. Murkowski, Frank H. [R-AK] · R–AK
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S4494-4495)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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