[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3743 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3743

   To amend the Internal Revenue Code of 1986 to treat transfers of 
 appreciated property to certain tax-exempt organizations the same as 
     transfers of appreciated property to political organizations.


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                   IN THE SENATE OF THE UNITED STATES

                            February 6, 2024

 Mr. Whitehouse (for himself, Mr. Schatz, Ms. Smith, Ms. Cortez Masto, 
 Mr. Van Hollen, Ms. Warren, Mr. Merkley, Ms. Baldwin, Ms. Butler, and 
  Mr. Welch) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to treat transfers of 
 appreciated property to certain tax-exempt organizations the same as 
     transfers of appreciated property to political organizations.

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

SECTION 1. TREATMENT OF TRANSFERS OF APPRECIATED PROPERTY TO CERTAIN 
              TAX-EXEMPT ORGANIZATIONS.

    (a) In General.--Subsections (a) and (b) of section 84 of the 
Internal Revenue Code of 1986 are each amended by striking ``political 
organization'' each place it appears and inserting ``specified 
organization''.
    (b) Specified Organization.--Section 84(c) of the Internal Revenue 
Code of 1986 is amended to read as follows:
    ``(c) Specified Organization.--For purposes of this section, the 
term `specified organization' means--
            ``(1) any political organization (as defined in section 
        527(e)(1)), and
            ``(2) any organization described in paragraph (4), (5), or 
        (6) of section 501(c).''.
    (c) Clerical Amendments.--
            (1) The heading of section 84 of the Internal Revenue Code 
        of 1986 is amended by striking ``political'' and inserting 
        ``specified''.
            (2) The item relating to section 84 in the table of 
        sections for part II of subchapter B of chapter 1 of such Code 
        is amended to read as follows:

``Sec. 84. Transfer of appreciated property to specified 
                            organizations.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to transfer after the date of the enactment of this Act, in 
taxable years ending after such date.
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