H.R. 805House108th Congress (2003-2005)In Committee

To amend the Internal Revenue Code of 1986 to clarify that certain settlement funds established under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 are beneficially owned by the United States and are not subject to tax.

Introduced February 13, 2003

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

February 13, 2003

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HouseIntro Referral

Introduced in House

February 13, 2003

HouseIntro Referral

Sponsor introductory remarks on measure. (CR E239-240)

February 13, 2003

HouseIntro Referral

Referred to the House Committee on Ways and Means.

February 13, 2003

Floor Debate

5 members

What members said about H.R. 805 on the floor

2 Republicans3 Democrats
Jon C. Porter
Rep. Jon C. PorterR-NV-3 · Oct 6, 2004

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 805) supporting efforts to promote greater public awareness of effective runaway youth prevention programs and the need…

Phil Gingrey
Rep. Phil GingreyR-GA-11 · Oct 6, 2004

Mr. Speaker, I want to thank my colleague from Nevada and the gentleman from Michigan for introducing House Resolution 805 to bring awareness and express support for runaway youth prevention…

Dale E. Kildee
Rep. Dale E. KildeeD-MI-5 · Oct 6, 2004

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of this resolution. H. Res. 805 promotes the need for greater public awareness of effective runaway youth…

Raúl M. Grijalva
Rep. Raúl M. GrijalvaD-AZ-7 · Oct 6, 2004

Mr. Speaker, I rise today in strong support of H. Res. 805, a bill that supports efforts to promote greater public awareness of effective runaway youth prevention programs and the need for safe and…

Danny K. Davis
Rep. Danny K. DavisD-IL-7 · Oct 6, 2004

Mr. Speaker, I rise today as one of the original cosponsors of H. Res. 805. According to the second National Incidence Studies of Missing, Abducted, Runaway and Throwaway Children released in October…

Bill Text

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Introduced in HouseIssued February 13, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 805 Introduced in House (IH)]

108th CONGRESS
1st Session
H. R. 805

To amend the Internal Revenue Code of 1986 to clarify that certain
settlement funds established under the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980 are beneficially
owned by the United States and are not subject to tax.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

February 13, 2003

Mr. Houghton (for himself, Mr. Becerra, and Mr. Boehlert) 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 clarify that certain
settlement funds established under the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980 are beneficially
owned by the United States and are not subject to tax.

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

SECTION 1. CLARIFICATION OF TAXATION OF CERTAIN SETTLEMENT FUNDS.

Subsection (g) of section 468B of the Internal Revenue Code of 1986
is amended to read as follows:
``(g) Clarification of Taxation of Certain Funds.--
``(1) In general.--Except as provided in paragraph (2),
nothing in any provision of law shall be construed as providing
that an escrow account, settlement fund, or similar fund is not
subject to current income tax. The Secretary shall prescribe
regulations providing for the taxation of any such account or
fund whether as a grantor trust or otherwise.
``(2) Exemption from tax for certain settlement funds.--An
escrow account, settlement fund, or similar fund shall be
treated as beneficially owned by the United States and shall be
exempt from taxation under this subtitle if--
``(A) it is established pursuant to a consent
decree entered by a judge of a United States District
Court,
``(B) it is created for the receipt of settlement
payments as directed by a government entity for the
sole purpose of resolving or satisfying one or more
claims asserting liability under the Comprehensive
Environmental Response, Compensation, and Liability Act
of 1980,
``(C) the authority and control over the
expenditure of funds therein (including the expenditure
of contributions thereto and any net earnings thereon)
is with such government entity, and
``(D) upon termination, any remaining funds will be
disbursed upon instructions by such government entity
in accordance with applicable law.
For purposes of this paragraph, the term `government entity'
means the United States, any State or political subdivision
thereof, the District of Columbia, any possession of the United
States, and any agency or instrumentality of any of the
foregoing.''.

SEC. 2. EFFECTIVE DATE.

The amendment made by this Act shall apply as if included in the
provision of the Tax Reform Act of 1986 to which it relates.
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