[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 390 Introduced in House (IH)]

  1st Session
                                H. R. 390

To amend the Internal Revenue Code of 1986 to exclude from gross income 
    amounts received for settlement of certain claims of Holocaust 
                               survivors.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 19, 1999

  Mr. McIntosh (for himself and Mr. Nadler) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
    amounts received for settlement of certain claims of Holocaust 
                               survivors.

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

SECTION 1. AMOUNTS RECEIVED IN SETTLEMENT OF HOLOCAUST CLAIMS.

    (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 139 as section 
140 and by inserting after section 138 the following new section:

``SEC. 139. AMOUNTS RECEIVED IN SETTLEMENT OF HOLOCAUST CLAIMS.

    ``(a) In General.--In the case of an eligible individual, gross 
income shall not include a Holocaust victims' settlement payment.
    ``(b) Eligible Individual.--For purposes of subsection (a), the 
term `eligible individual' means a person who was persecuted for racial 
or religious reasons by Nazi Germany or any other Axis regime or an 
heir of such person.
    ``(c) Holocaust Victims' Settlement Payment.--
            ``(1) In general.--For purposes of subsection (a), the term 
        `Holocaust victims' settlement payment' means--
                    ``(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, and
                    ``(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, 
                a claim relating to looted art or financial assets, and 
                a claim relating to slave labor wages.
            ``(2) Holocaust claim.--For purposes of paragraph (1), the 
        term `Holocaust claim' means a claim made by an eligible 
        individual for any injury incurred by such individual as a 
        result of the Holocaust.''.
    (b) Clerical Amendment.--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 139 and inserting after the item relating to 
section 138 the following new items:

                              ``Sec. 139. Amounts received in 
                                        settlement of Holocaust claims.
                              ``Sec. 140. Cross references to other 
                                        Acts.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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