[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1974 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 1974

To amend the Internal Revenue Code of 1986 to exclude from gross income 
  any Alaska Permanent Fund dividend received by a child under age 14.


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                   IN THE SENATE OF THE UNITED STATES

                             April 23, 1998

 Mr. Murkowski (for himself and Mr. Stevens) 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 exclude from gross income 
  any Alaska Permanent Fund dividend received by a child under age 14.

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

SECTION 1. INCOME TAX EXCLUSION FOR ALASKA PERMANENT FUND DIVIDENDS 
              RECEIVED BY CHILDREN UNDER AGE 14.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by redesignating section 138 as section 
139 and by inserting after section 137 the following new section:

``SEC. 138. ALASKA PERMANENT DIVIDENDS TO CHILDREN UNDER AGE 14.

    ``Gross income shall not include any Alaska Permanent Fund dividend 
received by an individual during a taxable year if the individual has 
not attained age 14 before the close of the taxable year.''
    (b) Conforming Amendments.--
            (1) Section 1(g)(7)(A)(i) of the Internal Revenue Code of 
        1986 is amended by striking ``(including Alaska permanent fund 
        dividends)''.
            (2) The table of sections for part III of subchapter B of 
        chapter 1 of such Code is amended by striking the item relating 
        to section 138 and inserting:

                              ``Sec. 138. Alaska Permanent Fund 
                                        dividends to children under age 
                                        14.
                              ``Sec. 139. Cross references to other 
                                        Acts.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.
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