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HR7760119th CongressWALLET
Protect Future Dividends Act
Sponsored By: Representative Begich, Nicholas J. [R-AK-At Large]
Introduced
Summary
Excludes payments from State sovereign wealth funds from federal gross income. This bill would add a new Internal Revenue Code section 139M to say individuals do not count payments from a qualifying State permanent fund as gross income. It defines a qualifying fund as a permanent State fund funded by revenue under State law, invested under State law, and used to make periodic payments to residents based mainly on residency and not in exchange for services. The exclusion would apply to payments received after the date of enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
No federal tax on state fund payments
This bill would exclude from federal gross income any payment you get from a State sovereign wealth fund. A qualifying fund would be a permanent state fund set up to benefit only state residents and funded by state revenue designated under state law. The fund's principal would be invested under state law and it would make regular payments based mainly on residency, not for work or services. The exclusion would apply only to payments you receive after the law is enacted, so only actual recipients would benefit.
Sponsors & CoSponsors
Sponsor
Begich, Nicholas J. [R-AK-At Large]
AK • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov