Text: H.R.2525 — 104th Congress (1995-1996)All Information (Except Text)

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Public Law No: 104-63 (12/08/1995)

 
[104th Congress Public Law 63]
[From the U.S. Government Printing Office]


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[DOCID: f:publ63.104]


[[Page 109 STAT. 687]]

Public Law 104-63
104th Congress

                                 An Act


 
To modify the operation of the antitrust laws, and of State laws similar 
         to the antitrust laws, with respect to charitable gift 
            annuities. <<NOTE: Dec. 8, 1995 -  [H.R. 2525]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Charitable Gift 
Annuity Antitrust Relief Act of 1995.>> 

SECTION 1. <<NOTE: 15 USC 1 note.>> SHORT TITLE.

    This Act may be cited as the ``Charitable Gift Annuity Antitrust 
Relief Act of 1995''.

SEC. 2. <<NOTE: 15 USC 37.>> MODIFICATION OF ANTITRUST LAWS.

    (a) Exempt Conduct.--Except as provided in subsection (b), it shall 
not be unlawful under any of the antitrust laws, or under a State law 
similar to any of the antitrust laws, for 2 or more persons described in 
section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 
501(c)(3)) that are exempt from taxation under section 501(a) of such 
Code to use, or to agree to use, the same annuity rate for the purpose 
of issuing 1 or more charitable gift annuities.
    (b) Limitation.--Subsection (a) shall not apply with respect to the 
enforcement of a State law similar to any of the antitrust laws, with 
respect to conduct described in subsection (a) occurring after the State 
enacts a statute, not later than 3 years after the date of the enactment 
of this Act, that expressly provides that subsection (a) shall not apply 
with respect to such conduct.

SEC. 3. <<NOTE: 15 USC 37a.>> DEFINITIONS.

    For purposes of this Act:
            (1) Annuity rate.--The term ``annuity rate'' means the 
        percentage of the fair market value of a gift (determined as of 
        the date of the gift) given in exchange for a charitable gift 
        annuity, that represents the amount of the annual payment to be 
        made to 1 or 2 annuitants over the life of either or both under 
        the terms of the agreement to give such gift in exchange for 
        such annuity.
            (2) Antitrust laws.--The term ``antitrust laws'' has the 
        meaning given it in subsection (a) of the first section of the 
        Clayton Act (15 U.S.C. 12), except that such term includes 
        section 5 of the Federal Trade Commission Act (15 U.S.C. 45) to 
        the extent that such section 5 applies to unfair methods of 
        competition.
            (3) Charitable gift annuity.--The term ``charitable gift 
        annuity'' has the meaning given it in section 501(m)(5) of the 
        Internal Revenue Code of 1986 (26 U.S.C. 501(m)(5)).

[[Page 109 STAT. 688]]

            (4) Person.--The term ``person'' has the meaning given it in 
        subsection (a) of the first section of the Clayton Act (15 
        U.S.C. 12(a)).
            (5) State.--The term ``State'' has the meaning given it in 
        section 4G(2) of the Clayton Act (15 U.S.C. 15g(2)).

SEC. 4. <<NOTE: 15 USC 37 note.>> APPLICATION OF ACT.

    This Act shall apply with respect to conduct occurring before, on, 
or after the date of the enactment of this Act.

    Approved December 8, 1995.

LEGISLATIVE HISTORY--H.R. 2525:
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HOUSE REPORTS: No. 104-336 (Comm. on the Judiciary).
CONGRESSIONAL RECORD, Vol. 141 (1995):
            Nov. 28, considered and passed House.
            Nov. 29, considered and passed Senate.

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