[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3511 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3511

  To prohibit deductions under the Internal Revenue Code of 1986 for 
       payments to Holocaust survivors under certain settlements.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 1999

   Mr. Ackerman (for himself, Mr. King, Mr. Weiner, Mr. Forbes, Mrs. 
    Maloney of New York, Mr. Crowley, Mr. Bentsen, Mr. Calvert, Mr. 
Capuano, and Mr. Ose) introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To prohibit deductions under the Internal Revenue Code of 1986 for 
       payments to Holocaust survivors under certain settlements.

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

SECTION 1. PROHIBITION ON DEDUCTIONS FOR CERTAIN SETTLEMENT PAYMENTS TO 
              HOLOCAUST SURVIVORS.

    (a) In General.--No deduction shall be allowed under the Internal 
Revenue Code of 1986 for any payment under a foreign-based Holocaust 
victims' settlement if no deduction would be allowed under such Code 
for such payment were it made directly by the foreign bank or other 
entity entering into such settlement.
    (b) Definitions.--For purposes of this section--
            (1) Foreign-based holocaust victims' settlement.--The term 
        ``foreign-based Holocaust victims' settlement'' means a 
        settlement entered into by a foreign bank or other foreign 
        entity to make a Holocaust victims' settlement payment.
            (2) Holocaust victims' settlement payment.--The term 
        ``Holocaust victims' settlement payment'' means any of the 
        following payments:
                    (A) A payment received as a result of settlement of 
                the action entitled ``In re Holocaust Victims' Asset 
                Litigation'', (E.D. NY), C.A. No. 96-4849.
                    (B) Any amount received under the German Act 
                Regulating Unresolved Property Claims or any other 
                foreign law providing for payments for Holocaust 
                claims.
                    (C) A payment received as a result of the 
                settlement of a Holocaust claim not described in 
                subparagraph (A) or (B), including an insurance claim 
                relating to looted art or financial assets, a claim 
                relating to compensation for slave or forced labor, and 
                a claim relating to foreign bank accounts.
            (3) Holocaust claim.--For purposes of paragraph (2)(C), the 
        term ``Holocaust claim'' means a claim made by--
                    (A) an individual or entity arising from 
                persecution by Nazi Germany, its allies, or its 
                sympathizers by reason of political opposition, race, 
                religion, beliefs, or ideology, for any injury incurred 
                by such individual or entity as a result of such 
                persecution, or
                    (B) an heir of an individual described in 
                subparagraph (A) for an injury described in that 
                subparagraph.
    (c) Effective Date.--This section shall apply with respect to 
payments made after the date of the enactment of this Act.
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