3.0.0 1278 2019-11-15T21:33:14Z 2019-11-15T21:33:14Z House H HR 2005-03-14 109 hsju00 Judiciary Committee House Standing hsju09 Commercial and Administrative Law Subcommittee Referred to 2005-04-04T18:55:35Z Referred to 2005-03-14T17:32:25Z 2005-04-04 hsju09 Commercial and Administrative Law Subcommittee 1 House committee actions Referred to the Subcommittee on Commercial and Administrative Law. Committee 2005-03-14 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2005-03-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-03-14 Introduced in House IntroReferral 1000 9 Library of Congress E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 N D000210 Rep. Delahunt, William D. [D-MA-10] William Delahunt D MA D. 10 2005-03-14 True W000207 Rep. Watt, Melvin L. [D-NC-12] MELVIN WATT D NC 12 2005-03-14 True C000714 Rep. Conyers, John, Jr. [D-MI-14] JOHN CONYERS D MI 14 2005-03-14 True V000128 Rep. Van Hollen, Chris [D-MD-8] Chris Van Hollen D MD 8 2005-04-05 False D000355 Rep. Dingell, John D. [D-MI-15] JOHN DINGELL D MI D. 15 2005-04-12 False Finance and Financial Sector Bankruptcy Collection of accounts Debtor and creditor Law Trusts and trustees Finance and Financial Sector 00 2005-03-14 Introduced in House 2005-04-13T16:09:57Z Billionaire's Loophole Elimination Act - Amends Federal bankruptcy law to permit the bankruptcy trustee to avoid a transfer to an asset protection trust of an interest of the debtor in property made within ten years before filing of the bankruptcy petition, if the transfer amount (or the aggregate amount of all transfers to the trust within the ten-year period) exceeds $125,000, to the extent that the debtor's beneficial interest in the trust does not become property of the estate because of a restriction enforceable under applicable nonbankruptcy law (because it is income from a spendthrift trust reasonably necessary for the support of debtor and dependents).

Defines asset protection trust as one settled by the debtor, in which the debtor has a direct or indirect beneficial interest or under which the trustee may distribute property to or for the benefit of the debtor, and as to which a restriction on the voluntary or involuntary transfer of the debtor's beneficial interest in the trust is enforceable under applicable nonbankruptcy law.

Excludes from the meaning of asset protection trust: (1) specified retirement funds, (2) charitable trusts; and (3) certain educational trust, funds, or accounts.

]]> Billionaire's Loophole Elimination Act Short Titles as Introduced Billionaire's Loophole Elimination Act Display Title Billionaire's Loophole Elimination Act Official Title as Introduced To amend title 11 of the United States Code to limit the exemption for asset protection trusts. Introduced in House 2005-03-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1278ih/xml/BILLS-109hr1278ih.xml 2005-04-04 Referred to the Subcommittee on Commercial and Administrative Law. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.