Section 1 Short title
This Act may be cited as the “Fair Treatment for All Gifts Act”.
Fair Treatment for All Gifts Act
A BILL
To amend the Internal Revenue Code of 1986 to provide a deduction from the gift tax for gifts made to certain exempt organizations.
Sec. 2 Deduction from gift tax for gifts made to certain exempt organizations
In general— Section 2522(a) of the Internal Revenue Code of 1986 is amended by striking the period at the end of paragraph (4) and inserting a semicolon and by inserting after paragraph (4) the following new paragraph:
“(5) an organization described in paragraph (4), (5), or (6) of section 501(c) and exempt from tax under section 501(a).”
Effective date— The amendments made by subsection (a) shall apply to gifts made after the date of the enactment of this Act.
No inference— Nothing in the amendments made by subsection (a) shall be construed to create any inference with respect to whether any transfer of property (whether made before, on, or after the date of the enactment of this Act) to an organization described in paragraph (4), (5), or (6) of section 501(c) of the Internal Revenue Code of 1986 is a transfer of property by gift for purposes of chapter 12 of such Code.