Taxpayer Refund and Relief Act of 1999

Taxpayer Refund and Relief Act of 1999

News story posted in Legislative on 6 August 1999| comments
audience: National Publication | last updated: 18 May 2011
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Summary

On August 5, 1999, the House and the Senate passed the Taxpayer Refund and Relief Act of 1999, a $792 billion tax cut package. Reports are that President Clinton will veto this bill when it is presented to him in September. The provisions which are of particular interest to charitable gift planners include Title VI -- Estate Tax Relief, which provides, in part, a phase-out in the Estate Tax until its repeal in 2009 and the replacement of the "unified credit" with a "unified exemption"; Title X -- Provisions Relating to Tax-Exempt Organizations, which, in part, provides for tax-free distributions from individual retirement accounts for charitable purposes; and Title XV -- Revenue Offsets, dealing, in part, with charitable life insurance.

PGDC SUMMARY:

On August 5, 1999, the House and the Senate passed the Taxpayer Refund and Relief Act of 1999, a $792 billion tax cut package. Reports are that President Clinton will veto this bill when it is presented to him in September. The provisions which are of particular interest to charitable gift planners include Title VI -- Estate Tax Relief, which provides, in part, a phase-out in the Estate Tax until its repeal in 2009 and the replacement of the "unified credit" with a "unified exemption"; Title X -- Provisions Relating to Tax-Exempt Organizations, which, in part, provides for tax-free distributions from individual retirement accounts for charitable purposes; and Title XV -- Revenue Offsets, dealing, in part, with charitable life insurance.

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