H.R. 1278 · 109th Congress
Billionaire's Loophole Elimination Act
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EmanuelSponsor5 cosponsors · 5 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Billionaire's Loophole Elimination Act - Amends Federal bankruptcy law to permit the bankruptcy trustee to avoid a transfer to an asset protection trust of an interest of the debtor in property made within ten years before filing of the bankruptcy petition, if the transfer amount (or the aggregate amount of all transfers to the trust within the ten-year…
What it does: CRS summary · Introduced in House · Mar 14, 2005
Billionaire's Loophole Elimination Act - Amends Federal bankruptcy law to permit the bankruptcy trustee to avoid a transfer to an asset protection trust of an interest of the debtor in property made within ten years before filing of the bankruptcy petition, if the transfer amount (or the aggregate amount of all transfers to the trust within the ten-year period) exceeds $125,000, to the extent that the debtor's beneficial interest in the trust does not become property of the estate because of a restriction enforceable under applicable nonbankruptcy law (because it is income from a spendthrift trust reasonably necessary for the support of debtor and dependents).
Defines asset protection trust as one settled by the debtor, in which the debtor has a direct or indirect beneficial interest or under which the trustee may distribute property to or for the benefit of the debtor, and as to which a restriction on the voluntary or involuntary transfer of the debtor's beneficial interest in the trust is enforceable under applicable nonbankruptcy law.
Excludes from the meaning of asset protection trust: (1) specified retirement funds, (2) charitable trusts; and (3) certain educational trust, funds, or accounts.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Billionaire's Loophole Elimination Act
Latest action (Apr 4, 2005): Referred to the Subcommittee on Commercial and Administrative Law.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 14, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.