Church Plan Investment Fairness Act of 2005

Church Plan Investment Fairness Act of 2005 - Amends the Internal Revenue Code to exempt church retirement income accounts from the tax on unrelated debt-financed income.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3587 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 3587

 To amend the Internal Revenue Code of 1986 to extend to church plans 
 the exemption from unrelated business tax for debt-financed property 
                         held by pension plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2005

  Mr. Ramstad (for himself and Mr. Pomeroy) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend to church plans 
 the exemption from unrelated business tax for debt-financed property 
                         held by pension plans.

    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 ``Church Plan Investment Fairness Act 
of 2005''.

SEC. 2. EXEMPTION FOR INCOME FROM LEVERAGED REAL ESTATE HELD BY CHURCH 
              PLANS.

    (a) In General.--Section 514(c)(9)(C) of the Internal Revenue Code 
of 1986 is amended by striking ``or'' after clause (ii), by striking 
the period at the end of clause (iii) and inserting ``; or'', and by 
inserting after clause (iii) the following:
                            ``(iv) a retirement income account 
                        described in section 403(b)(9).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning on or after the date of enactment of 
this Act.
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