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Tax Relief for Perpetual Trust Funds Supporting Public Services

New legislation amends tax law to ease operations for certain perpetual trust funds. These state-controlled funds support essential government functions, including public education. The changes aim to allow these funds to more effectively utilize their assets for community benefit, potentially leading to better funding for schools and other public services.
Key points
Tax relief for state-controlled funds supporting public schools and services.
Funds must be state-created and controlled, with assets dedicated to specific government functions.
The changes aim to ensure financial stability for essential public services.
Provisions apply to funds that met specific conditions as of 1986.
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Expired
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Additional Information
Print number: 117_HR_9044
Sponsor: Rep. Doggett, Lloyd [D-TX-35]
Process start date: 2022-09-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to create a safe harbor for certain perpetual trust funds.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9044.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-09-29.

What are the main provisions?

Key points include:

  • Tax relief for state-controlled funds supporting public schools and services.
  • Funds must be state-created and controlled, with assets dedicated to specific government functions.
  • The changes aim to ensure financial stability for essential public services.
  • Provisions apply to funds that met specific conditions as of 1986.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Doggett, Lloyd [D-TX-35].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Education Public Investments