Source: https://www.brucerhopkinslaw.com/pol-1996-1999
Timestamp: 2020-08-03 12:00:43
Document Index: 610360269

Matched Legal Cases: ['§ 170', '§ 6104', '§ 529', '§ 127', '§ 170', '§ 2010', '§ 170', '§ 513', '§ 512', '§ 664', '§ 501', '§ 501', '§ 170', '§ 1361', '§ 512', '§ 501', '§ 529', '§ 512', '§ 401', '§ 4958', '§ 501', '§ 6104', '§ 6652', '§ 2']

POL - 1996-1999 | brucerhopkinslaw.com
Parade of Legislation, 1996-1999
Nonprofit organizations have been inundated, in recent years, with federal tax legislation that is directly and indirectly having an impact on their operations. Here is a summary of that legislation enacted during the period 1996-1999.
Tax Relief Extension Act [Public Law 106-170]:
Permanent extension of the special rule in the private foundation context by which contributions of qualified appreciated securities can be deductible based on their full fair market value (IRC § 170(e)(5))
Document disclosure requirements (IRC § 6104(d) imposed on private foundations
Legislation summarized in the December 1998 issue of The Nonprofit Counsel
IRS Restructuring and Reform Act of 1998 [Public Law 105-206]:
Creation of 9-member oversight board
Commissioner of Internal Revenue, with a 5-year term
Statutory basis for Office of Employee Plans and Exempt Organizations repealed, although IRS created Exempt Organizations Division
Legislation summarized in September 1998 issue of The Nonprofit Counsel
Taxpayer Relief Act of 1997 [Public Law 105-34]:
Revision of tax treatment of qualified state tuition programs (IRC § 529)
Extension of exclusion for employer-provided educational assistance (IRC § 127)
Augmented charitable deduction for corporate gifts of computer equipment and technology for elementary or secondary school purposes (IRC § 170(e)(6))
Increase in estate and gift tax unified credit (IRC § 2010)
Extension of special fair market value deduction for contributions of appreciated securities to private foundations (IRC § 170(e)(5))
Exclusion from unrelated business income taxation for qualified corporate sponsorship payments (IRC § 513(i))
Change in the control and taxation rules with respect to taxable subsidiaries (IRC § 512(b)(13))
Maximum 50 percent payout by charitable remainder trusts and minimum value of remainder interests in these trusts of 10 percent (IRC § 664)
Health Insurance Portability and Accountability Act of 1996 [Public Law 104-191]:
Tax-exempt status for a membership organization established by a state exclusively to provide coverage for medical care on a nonprofit basis to high-risk individuals through insurance issued by the organization or a health maintenance organization (IRC § 501(c)(26))
Tax-exempt status for a membership organization, established before June 1, 1996, by a state exclusively to reimburse its members for losses arising under workers’ compensation acts (IRC § 501(c)(27))
Legislation summarized in the October 1996 issue of The Nonprofit Counsel
Small Business Job Protection Act of 1996 [Public Law 104-188]:
Extension of the special fair market value deduction for contributions of appreciated securities to private foundations (IRC § 170(e)(5))
(IRC § 1361(b)(1)(B))
Charitable organizations allowed to be shareholders in S corporations
New rule in unrelated business area, causing insurance income from offshore captives of exempt organizations to be treated as unrelated business income (IRC § 512(b)(17))
Tax-exempt status for qualified charitable risk pools (IRC § 501(n)
Tax-exempt status for qualified state tuition programs (IRC § 529)
Tax treatment of dues paid to tax-exempt agricultural and horticultural organizations (IRC § 512(d))
Tax-exempt organizations allowed to maintain qualified cash or deferred arrangements (401(k) plans) (IRC § 401(k)(4)(B)(i))
Taxpayer Bill of Rights 2 [Public Law 104-168]:
Enactment of intermediate sanctions rules (IRC § 4958)
Proscription on private inurement transactions added to qualifications for tax exemption for social welfare organizations (IRC § 501(c)(4))
Enactment of document disclosure requirements (IRC § 6104(d))
Penalties for failure to file timely and complete annual information return increased (IRC § 6652)
Legislation summarized in September 1996 issue of The Nonprofit Counsel
Legislation enacted during the period 1984-1995 is summarized in § 2.4 of The Law of Tax-Exempt Organizations, Eighth Edition (Wiley 2003).