Bill Sponsor
House Bill 3892
115th Congress(2017-2018)
To amend the Internal Revenue Code of 1986 to provide an exception for certain spun-off voluntary employees' beneficiary associations to the limitation on the exemption from tax on unrelated business taxable income of amounts set aside for qualified benefits.
Introduced
Introduced
Introduced in House on Sep 28, 2017
Overview
Text
Introduced
Sep 28, 2017
Latest Action
Sep 28, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3892
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

This bill amends the Internal Revenue Code to exempt certain spun-off voluntary employees' beneficiary associations (VEBAs) from the limitation on the amount of funds that may be set aside for benefits without being subject to the tax on unrelated business income.

The exemption applies if:

  • the VEBA was originally established prior to the enactment of this bill by an employer to provide benefits for eligible employees, retirees, and their dependents and beneficiaries;
  • the benefits are limited to post-retirement medical and life benefits;
  • the employer has delegated (before the beginning of the tax year) all authority and responsibility for the VEBA to one or more independent persons who do not have an employment relationship with the members entitled to benefits from the VEBA;
  • no member entitled to benefits from the VEBA is entitled to benefits from any other VEBA as a result of employment with the employer; and
  • the employer has no obligation to make contributions to the VEBA and has not contributed during the 11-year period ending with the tax year.
Text (1)
September 28, 2017
Actions (2)
09/28/2017
Referred to the House Committee on Ways and Means.
09/28/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:38:38 PM