This bill creates a safe harbor for certain perpetual trust funds. It excludes from the definition of investment property under arbitrage provisions any fund created and controlled by a state and established pursuant to its constitution or state law if on a specified date, substantially all of the assets of the fund consist of nonfinancial assets and the assets are used only to support specifically designated essential governmental functions.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Government trust fundsState and local financeState and local government operations
To amend the Internal Revenue Code of 1986 to create a safe harbor for certain perpetual trust funds.
USA117th CongressHR-9044| House
| Updated: 9/29/2022
This bill creates a safe harbor for certain perpetual trust funds. It excludes from the definition of investment property under arbitrage provisions any fund created and controlled by a state and established pursuant to its constitution or state law if on a specified date, substantially all of the assets of the fund consist of nonfinancial assets and the assets are used only to support specifically designated essential governmental functions.