I

104TH CONGRESS

1ST SESSION H. R. 2525

To modify the operation of the antitrust laws, and of State laws similar

to the antitrust laws, with respect to charitable gift annuities.

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 24, 1995

Mr. HYDE (for himself, Mr. CONYERS, Mr. SENSENBRENNER, Mr. MCCOLLUM, Mr. GEKAS, Mr. SMITH of Texas, Mr. SCHIFF, Mr. CANADY of

Florida, Mr. INGLIS of South Carolina, Mr. GOODLATTE, Mr. BONO, Mr.

BRYANT of Tennessee, Mr. CHABOT, Mr. BRYANT of Texas, and Mr.

RAMSTAD) introduced the following bill; which was referred to the Committee on the Judiciary

A BILL

To modify the operation of the antitrust laws, and of State

laws similar to the antitrust laws, with respect to charitable gift annuities.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Charitable Gift Annu5 ity Antitrust Relief Act of 1995’’.

6 SEC. 2. MODIFICATION OF ANTITRUST LAWS.

7 (a) EXEMPT CONDUCT.—Except as provided in sub8 section (b), it shall not be unlawful under any of the anti-
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1 trust laws, or under a State law similar to any of the anti2 trust laws, for 2 or more persons described in section

3 501(c)(3) of the Internal Revenue Code of 1986 (26

4 U.S.C. 501(c)(3)) that are exempt from taxation under

5 section 501(a) of such Code to use, or to agree to use,

6 the same annuity rate for the purpose of issuing 1 or more

7 charitable gift annuities.

8 (b) LIMITATION.—Subsection (a) shall not apply with

9 respect to the enforcement of a State law similar to any

10 of the antitrust laws, with respect to conduct described

11 in subsection (a) occurring after the State enacts a stat12 ute, not later than 3 years after the date of the enactment

13 of this Act, that expressly provides that subsection (a)

14 shall not apply with respect to such conduct.

15 SEC. 3. DEFINITIONS.

16 For purposes of this Act:

17 (1) ANNUITY RATE.—The term ‘‘annuity rate’’

18 means the percentage of the fair market value of a

19 gift (determined as of the date of the gift) given in

20 exchange for a charitable gift annuity, that rep21 resents the amount of the annual payment to be

22 made to 1 or 2 annuitants over the life of either or

23 both under the terms of the agreement to give such

24 gift in exchange for such annuity.
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1 (2) ANTITRUST LAWS.—The term ‘‘antitrust

2 laws’’ has the meaning given it in subsection (a) of

3 the first section of the Clayton Act (15 U.S.C. 12),

4 except that such term includes section 5 of the Fed5 eral Trade Commission Act (15 U.S.C. 45) to the

6 extent that such section 5 applies to unfair methods

7 of competition.

8 (3) CHARITABLE GIFT ANNUITY.—The term

9 ‘‘charitable gift annuity’’ has the meaning given it in

10 section 501(m)(5) of the Internal Revenue Code of

11 1986 (26 U.S.C. 501(m)(5)).

12 (4) PERSON.—The term ‘‘person’’ has the

13 meaning given it in subsection (a) of the first section

14 of the Clayton Act (15 U.S.C. 12(a)).

15 (5) STATE.—The term ‘‘State’’ has the mean16 ing given it in section 4G(2) of the Clayton Act (15

17 U.S.C. 15g(2)).

18 SEC. 4. APPLICATION OF ACT.

19 This Act shall apply with respect to conduct occur20 ring before, on, or after the date of the enactment of this

21 Act.

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