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Week Ending December 8, 2006

S. 4044 A bill to clarify the treatment of certain charitable contributions under title 11, United States Code.

This bill tweaks bankruptcy rules to determine that when it comes to bankruptcy a charitable gift of less than 15 percent of the bankruptcy petitioner’s total income is not considered disposable income and so will not be calculated in the bankruptcy formula or worth v repayments.

Amounts in excess of the 15 percent provision are considered disposable and may be required to be part of the gross worth of the petitioner and may be required to be returned by the church or the charity.

Sponsor:  Senator Orin G. Hatch (R-UT)

Vote: Passed Senate by Unanimous Consent. Passed House by voice vote December 6, 2006.

Cost to the taxpayers: The loss or addition of revenue due to this bill’s provisions can not be calculated without knowing how many individuals will utilize to option.

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No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM)