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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.

USA115th CongressS-1698| Senate 
| Updated: 8/1/2017
Lisa Murkowski

Lisa Murkowski

Republican Senator

Alaska

Cosponsors (1)
Dan Sullivan (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Aug 1, 2017
Introduced in Senate
Aug 1, 2017
Read twice and referred to the Committee on Finance.
Aug 14, 2017

Latest Companion Bill Action

HR 115-3524
Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
  • August 1, 2017
    Introduced in Senate


  • August 1, 2017
    Read twice and referred to the Committee on Finance.


  • August 14, 2017

    Latest Companion Bill Action

    HR 115-3524
    Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.

Taxation

Related Bills

  • S 115-1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
  • HR 115-3524: To amend the Internal Revenue Code of 1986 to clarify the treatment of contributions to Alaska Native Settlement Trusts, and for other purposes.
Alaska Natives and HawaiiansIncome tax deductionsIncome tax exclusionIndian claims

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.

USA115th CongressS-1698| Senate 
| Updated: 8/1/2017
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Aug 1, 2017
Introduced in Senate
Aug 1, 2017
Read twice and referred to the Committee on Finance.
Aug 14, 2017

Latest Companion Bill Action

HR 115-3524
Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
  • August 1, 2017
    Introduced in Senate


  • August 1, 2017
    Read twice and referred to the Committee on Finance.


  • August 14, 2017

    Latest Companion Bill Action

    HR 115-3524
    Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs.
Lisa Murkowski

Lisa Murkowski

Republican Senator

Alaska

Cosponsors (1)
Dan Sullivan (Republican)

Finance Committee

Taxation

Related Bills

  • S 115-1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
  • HR 115-3524: To amend the Internal Revenue Code of 1986 to clarify the treatment of contributions to Alaska Native Settlement Trusts, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Alaska Natives and HawaiiansIncome tax deductionsIncome tax exclusionIndian claims