[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2525 Engrossed in House (EH)]

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
104th CONGRESS
  1st Session
                                H. R. 2525

_______________________________________________________________________

                                 AN ACT


 
   To modify the operation of the antitrust laws, and of State laws 
    similar to the antitrust laws, with respect to charitable gift 
                               annuities.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Charitable Gift Annuity Antitrust 
Relief Act of 1995''.

SEC. 2. MODIFICATION OF ANTITRUST LAWS.

    (a) Exempt Conduct.--Except as provided in subsection (b), it shall 
not be unlawful under any of the antitrust laws, or under a State law 
similar to any of the antitrust laws, for 2 or more persons described 
in section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 
501(c)(3)) that are exempt from taxation under section 501(a) of such 
Code to use, or to agree to use, the same annuity rate for the purpose 
of issuing 1 or more charitable gift annuities.
    (b) Limitation.--Subsection (a) shall not apply with respect to the 
enforcement of a State law similar to any of the antitrust laws, with 
respect to conduct described in subsection (a) occurring after the 
State enacts a statute, not later than 3 years after the date of the 
enactment of this Act, that expressly provides that subsection (a) 
shall not apply with respect to such conduct.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
            (1) Annuity rate.--The term ``annuity rate'' means the 
        percentage of the fair market value of a gift (determined as of 
        the date of the gift) given in exchange for a charitable gift 
        annuity, that represents the amount of the annual payment to be 
        made to 1 or 2 annuitants over the life of either or both under 
        the terms of the agreement to give such gift in exchange for 
        such annuity.
            (2) Antitrust laws.--The term ``antitrust laws'' has the 
        meaning given it in subsection (a) of the first section of the 
        Clayton Act (15 U.S.C. 12), except that such term includes 
        section 5 of the Federal Trade Commission Act (15 U.S.C. 45) to 
        the extent that such section 5 applies to unfair methods of 
        competition.
            (3) Charitable gift annuity.--The term ``charitable gift 
        annuity'' has the meaning given it in section 501(m)(5) of the 
        Internal Revenue Code of 1986 (26 U.S.C. 501(m)(5)).
            (4) Person.--The term ``person'' has the meaning given it 
        in subsection (a) of the first section of the Clayton Act (15 
        U.S.C. 12(a)).
            (5) State.--The term ``State'' has the meaning given it in 
        section 4G(2) of the Clayton Act (15 U.S.C. 15g(2)).

SEC. 4. APPLICATION OF ACT.

    This Act shall apply with respect to conduct occurring before, on, 
or after the date of the enactment of this Act.

            Passed the House of Representatives November 28, 1995.

            Attest:

                                                                 Clerk.
104th CONGRESS

  1st Session

                               H. R. 2525

_______________________________________________________________________

                                 AN ACT

   To modify the operation of the antitrust laws, and of State laws 
    similar to the antitrust laws, with respect to charitable gift 
                               annuities.