[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3881 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3881

  To amend the Internal Revenue Code of 1986 to modify the rules for 
             charitable contributions of fractional gifts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 17, 2007

 Mr. Udall of New Mexico (for himself and Mr. English of Pennsylvania) 
 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 modify the rules for 
             charitable contributions of fractional gifts.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promotion of Artistic Giving Act of 
2007''.

SEC. 2. MODIFICATION OF RULES FOR CHARITABLE CONTRIBUTIONS OF 
              FRACTIONAL GIFTS.

    (a) Extension of Time To Complete Gift.--
            (1) In general.--Clause (i) of section 170(o)(3)(A) of the 
        Internal Revenue Code of 1986 (relating to recapture) is 
        amended by striking ``the earlier of--'' and all that follows 
        and inserting ``the day which is 9 months after the date of 
        death of the original donor, and''.
            (2) Original donor defined.--Paragraph (4) of section 
        170(o) of such Code is amended by adding at the end the 
        following:
                    ``(C) Original donor.--The term ``original donor'' 
                means the donor who made the initial fractional 
                contribution.''.
    (b) Valuation of Gift.--Paragraph (2) of section 170(o) of such 
Code (relating to valuation of subsequent gifts) is amended to read as 
follows:
            ``(2) Valuation of subsequent gifts in excess of 
        $1,000,000.--In the case of annual additional contributions in 
        excess of $1,000,000, the fair market value of such 
        contributions shall be determined by using a certified 
        appraisal from the Art Advisory Panel of the Commissioner of 
        Internal Revenue.''.
    (c) Repeal of Estate and Gift Tax Rules.--
            (1) Section 2055 of such Code is amended by striking 
        subsection (g) and redesignating subsection (h) as subsection 
        (g).
            (2) Section 2522 of such Code is amended by striking 
        subsection (e) and redesignating subsection (f) as subsection 
        (e).
    (d) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendments made by section 1218 of the 
Pension Protection Act of 2006.
                                 <all>