The Protect Future Dividends Act excludes from gross income payments from state funds established for the welfare of residents.
The Protect Future Dividends Act amends the Internal Revenue Code to exclude from gross income payments from funds established by a state for the welfare of individual residents. These funds, termed "State sovereign wealth funds," must meet specific criteria, including being established and maintained solely for state residents, receiving state revenue, having invested principal, and making payments based on residency. The exclusion applies to payments received after the enactment of this Act.
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