[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1014 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1014

To amend the Internal Revenue Code of 1986 to include liability to pay 
    compensation under workmen's compensation acts within the rules 
          relating to certain personal liability assignments.


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                   IN THE SENATE OF THE UNITED STATES

                             July 14, 1997

  Mr. Baucus (for himself and Mr. Grassley) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to include liability to pay 
    compensation under workmen's compensation acts within the rules 
          relating to certain personal liability assignments.

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

SECTION 1. ASSIGNMENT OF WORKMEN'S COMPENSATION LIABILITY ELIGIBLE FOR 
              EXCLUSION RELATING TO PERSONAL INJURY LIABILITY 
              ASSIGNMENTS.

    (a) In General.--Subsection (c) of section 130 of the Internal 
Revenue Code of 1986 (relating to certain personal injury liability 
assignments) is amended--
            (1) by inserting ``, or as compensation under any workmen's 
        compensation act,'' after ``(whether by suit or agreement)'' in 
        the material preceding paragraph (1),
            (2) by inserting ``or the workmen's compensation claim,'' 
        after ``agreement,'' in paragraph (1), and
            (3) by striking ``section 104(a)(2)'' in paragraph (2)(D) 
        and inserting ``paragraph (1) or (2) of section 104(a)''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to claims under workmen's compensation acts filed after the date 
of the enactment of this Act.
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