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Bill
Notes

H.R. 644 — what changed

Trade Facilitation and Trade Enforcement Act of 2015

From Reported in House to Engrossed in House. 1 section amended and 4 added between Reported in House and Engrossed in House.

Section 1 Short title

changed This Act may be cited as the “Fighting Hunger Incentive “America Gives More Act of 2015”.

Sec. 3 Rule allowing certain tax-free distributions from individual retirement accounts for charitable purposes made permanent

added
(a)
added In general— Section 408(d)(8) of the Internal Revenue Code of 1986 is amended by striking subparagraph (F).
(b)
added Effective date— The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2014.

Sec. 4 Special rule for qualified conservation contributions made permanent

added
(a)
added In general—
(1)
added Individuals— Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to contributions of qualified conservation contributions) is amended by striking clause (vi).
(2)
added Corporations— Subparagraph (B) of section 170(b)(2) of such Code (relating to qualified conservation contributions) is amended by striking clause (iii).
(b)
added Contributions of capital gain real property made for conservation purposes by Native Corporations—
(1)
added In general— Section 170(b)(2) of such Code is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:

added “(C) Qualified conservation contributions by certain Native Corporations

added “(i) In general—Any qualified conservation contribution (as defined in subsection (h)(1)) which—

added “(I) is made by a Native Corporation, and

added “(II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act,

added “(ii) Carryover—If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding taxable years in order of time.

added “(iii) Native Corporation—For purposes of this subparagraph, the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.”

(2)
added Conforming amendments—
(A)
added Section 170(b)(2)(A) of such Code is amended by striking “subparagraph (B) applies” and inserting “subparagraph (B) or (C) applies”.
(B)
added Section 170(b)(2)(B)(ii) of such Code is amended by striking “15 succeeding years” and inserting “15 succeeding taxable years”.
(3)
added Valid existing rights preserved— Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act.
(c)
added Effective date— The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.

Sec. 5 Modification of the tax rate for the excise tax on investment income of private foundations

added
(a)
added In general— Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking “2 percent” and inserting “1 percent”.
(b)
added Elimination of reduced tax where foundation meets certain distribution requirements— Section 4940 of such Code is amended by striking subsection (e).
(c)
added Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 6 Budgetary effects

added

added The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.