Page:United States Statutes at Large Volume 111 Part 1.djvu/266

 Ill STAT. 242 PUBLIC LAW 105-26—JULY 3, 1997 "(d) LIMITATION. —Subsections (a) and (b) shall not apply with respect to the enforcement of a State law similar to any of the antitrust laws, with respect to charitable gift annuities, or charitable remainder trusts, created after the State enacts a statute, not later than December 8, 1998, that expressly provides that subsections (a) and (b) shall not apply with respect to such charitable gift Einnuities and such charitable remainder trusts."; and 15 USC 37a. (2) in section 3— (A) by striking paragraph (1); (B) by redesignating paragraph (2) as paragraph (1); (C) by inserting after paragraph (1), as so redesignated, the following: "(2) CHARITABLE REMAINDER TRUST. —The term 'charitable remainder trust' has the meaning given it in section 664(d) of the Internal Revenue Code of 1986 (26 U.S.C. 664(d))."; (D) by redesignating paragraphs (4) and (5) as paragraphs (5) and (6), respectively; and (E) by inserting after paragraph (3) the following: "(4) FINAL DETERMINATION. —The term Tmal determination' includes an Intemal Revenue Service determination, after exhaustion of donor's and donee's administrative remedies, disallowing the donor's charitable deduction for the year in which the initial contribution was made because of the donee's failure to comply at such time with the requirements of section 501(m)(5) or 664(d), respectively, of the Internal Revenue Code of 1986 (26 U.S.C. 501(m)(5), 664(d)). ". 15 USC 37 note. SEC. 3. APPLICATION OF ACT. This Act, and the amendments made by this Act, shall apply with respect to all conduct occurring before, on, or after the date of the enactment of this Act and shall apply in all administrative and judicial actions pending on or commenced after the date of the enactment of this Act. 15 USC 37 note. SEC. 4. STUDY AND REPORT. (a) STUDY AND REPORT. —The Attorney General shall carry out a study to determine the effect of this Act on markets for noncharitable annuities, charitable gift annuities, and charitable remainder trusts. The Attorney General shall prepare a report summarizing the results of the study. (b) DETAILS OF STUDY AND REPORT. —The report referred to in subsection (a) shall include any information on possible inappropriate activity resulting from this Act and any recommendations for legislative changes, including recommendations for additional enforcement resources.

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