Page:United States Statutes at Large Volume 109 Part 1.djvu/703

 PUBLIC LAW 104^3—DEC. 8, 1995 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 Dec. 8, 1995 antitrust laws, with respect to charitable gift annuities. [H.R. 2525] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Charitable Gift Annuity SECTION 1. SHORT TITLE. Antitrust Relief Act of 1995. This Act may be cited as the "Charitable Gift Annuity Antitrust 15 USC i note. ReliefAct of 1995". SEC. 2. MODIFICATION OF ANTITRUST LAWS. 15 USC 37. (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. DEFINITIONS. 15 USC 37a. 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 pa3anent 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)).

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