[Congressional Record Volume 153, Number 87 (Friday, May 25, 2007)]
[Extensions of Remarks]
[Pages E1147-E1148]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           INTRODUCING THE CHARITABLE REMAINDER PET TRUST ACT

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                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                         Thursday, May 24, 2007

  Mr. BLUMENAUER. Madam Speaker, today, Representative Ramstad and I 
are introducing legislation that revises the Internal Revenue Code, 
IRC, to treat pet trusts in a similar manner as charitable remainder 
annuity trusts, CRATs. It will allow estates and donors with CRATs with 
a pet, or its guardian as

[[Page E1148]]

a beneficiary, to receive a charitable deduction for the remainder 
interest when the trust is established. The bill provides a tax 
incentive for people to arrange for long-term care of their pets, which 
will result in a reduction of society's burden in caring for 
``unwanted'' dogs and cats after the guardian dies.
  Currently 39 States and the District of Columbia allow pet trusts, 
which is a specific legal arrangement providing for the care of 
companion animals in the event of the guardian's death or 
incapacitation. When the pet passes, the remainder of the trust is then 
distributed to one or more pre-designated charities. Recognition of 
these trusts by the Federal Tax Code will allow for long-term planning 
of care for pets, as well as encourage people to engage in charitable 
giving. The legislation bears no cost burden for the Federal Government 
and brings relief to animal lovers and shelters alike.

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