H.R. 7760

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7760 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 7760

To amend the Internal Revenue Code of 1986 to exclude from gross income 
payments from funds established by a State for purposes of the welfare 
of the individual residents of such State.

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IN THE HOUSE OF REPRESENTATIVES

March 3, 2026

Mr. Begich introduced the following bill; which was referred to the 
Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to exclude from gross income 
payments from funds established by a State for purposes of the welfare 
of the individual residents of such State.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Protect Future Dividends Act''.

SEC. 2. EXCLUSION OF PAYMENTS FROM STATE SOVEREIGN WEALTH FUNDS.

(a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting before section 
140 the following new section:

``SEC. 139M. PAYMENTS FROM STATE SOVEREIGN WEALTH FUNDS.

``(a) In General.--Gross income does not include any payment 
received by an individual from a State sovereign wealth fund.
``(b) State Sovereign Wealth Fund.--For purposes of this section, 
the term `State sovereign wealth fund' means a permanent fund--
``(1) which is established and maintained by a State solely 
for the benefit of individual residents of such State,
``(2) to which amounts of State revenue designated under 
State law are directed,
``(3) the principal of which is invested in a manner 
prescribed under State law, and
``(4) from which periodic payments are made under State law 
to individuals based primarily on residency within the State 
and not in consideration for anything.''.
(b) Clerical Amendment.--The table of sections for subchapter B of 
chapter 1 of such Code is amended by inserting before the item relating 
to section 140 the following new item:

``Sec. 139M. Payments from State sovereign wealth funds.''.
(c) Effective Date.--The amendments made by this section shall 
apply to payments received after the date of the enactment of this Act.
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