[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 942 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 942

To amend the Internal Revenue Code of 1986 to provide a deduction from 
      the gift tax for gifts made to certain exempt organizations.


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                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2015

  Mr. Portman introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a deduction from 
      the gift tax for gifts made to certain exempt organizations.

    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 ``Fair Treatment for All Gifts Act''.

SEC. 2. DEDUCTION FROM GIFT TAX FOR GIFTS MADE TO CERTAIN EXEMPT 
              ORGANIZATIONS.

    (a) In General.--Section 2522(a) of the Internal Revenue Code of 
1986 is amended by striking the period at the end of paragraph (4) and 
inserting a semicolon and by inserting after paragraph (4) the 
following new paragraph:
            ``(5) an organization described in paragraph (4), (5), or 
        (6) of section 501(c) and exempt from tax under section 
        501(a).''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to gifts made after the date of the enactment of this Act.
    (c) No Inference.--Nothing in the amendments made by subsection (a) 
shall be construed to create any inference with respect to whether any 
transfer of property (whether made before, on, or after the date of the 
enactment of this Act) to an organization described in paragraph (4), 
(5), or (6) of section 501(c) of the Internal Revenue Code of 1986 is a 
transfer of property by gift for purposes of chapter 12 of such Code.
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