[Congressional Record Volume 142, Number 138 (Monday, September 30, 1996)]
[Senate]
[Page S12008]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    TAX-FREE LIQUIDATION LEGISLATION FOR NOT-FOR-PROFIT CORPORATIONS

 Mr. HATFIELD. Mr. President, it is a great pleasure to be an 
original cosponsor of S. 2141 introduced Friday by Senator Feinstein. 
This legislation will expand charitable giving by families and 
businesses by permitting the tax-free liquidation of closely-held 
corporations into tax-exempt charities and foundations.
  Voluntarism and charity are concepts deeply imbedded in my personal 
philosophy. At a time of shrinking Federal discretionary dollars, 
governments on all levels, Federal, State, and local, are forced to 
reduce spending throughout their budgets. With the general decline in 
Federal services, an increasing burden is being shouldered by nonprofit 
organizations and private citizens. During this critical stage in 
restructuring Government and returning flexibility to our local 
communities, Congress should do all that it can to encourage private 
philanthropic efforts. By supporting legislation like S. 2141, 
Government can assist charities in helping those in need without 
increasing Federal spending and contributing further to our enormous 
deficit.
  It is also important to note that many organizations from the State 
of Oregon and across the country are supporters of the concept of this 
legislation. In the State of Oregon alone, the Boys & Girls Clubs of 
Portland, the Portland Art Museum, the Oregon Health Sciences 
University, the Meyer Memorial Trust, and the Catholic Charities of 
Portland have all promoted this type of legislation. 

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