[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 779 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 779

   To provide that no Federal income tax shall be imposed on amounts 
             received by Holocaust victims or their heirs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 13, 1999

Mr. Abraham (for himself, Mr. Fitzgerald, Mr. Moynihan, and Mr. Shumer) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To provide that no Federal income tax shall be imposed on amounts 
             received by Holocaust victims or their heirs.

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

SECTION 1. NO FEDERAL INCOME TAX ON AMOUNTS RECEIVED BY HOLOCAUST 
              VICTIMS OR THEIR HEIRS.

    (a) In General.--For purposes of the Internal Revenue Code of 1986, 
gross income shall not include any amount received by an individual (or 
any heir of the individual)--
            (1) from the Swiss Humanitarian Fund established by the 
        Government of Switzerland or from any similar fund established 
        by any foreign country, or
            (2) as a result of the settlement of the action entitled 
        ``In re Holocaust Victims' Asset Litigation'', (E.D. NY), C.A. 
        No. 96-4849, or as a result of any similar action.
    (b) Effective Date.--This section shall apply to any amount 
received before, on, or after the date of the enactment of this Act.
                                 <all>