To exclude from gross income payments from the Hokie Spirit Memorial Fund to the victims of the tragic event at Virginia Polytechnic Institute & State University.

(This measure has not been amended since it was passed by the House on December 4, 2007. The summary of that version is repeated here.)

Excludes from gross income, for federal income tax purposes, any payments made by Virginia Polytechnic Institute & State University (Virginia Tech) out of the Hokie Spirit Memorial Fund to the victims of the tragic shootings at such school on April 16, 2007.

Increases the penalty for failure to file a partnership income tax return, for a taxable year beginning in 2008, by one dollar (from $85 to $86) per month (multiplied, as under current law, by the number of partners in the offending partnership during any part of the taxable year).

[110th Congress Public Law 141]
[From the U.S. Government Publishing Office]


[DOCID: f:publ141.110]
Public Law 110-141
110th Congress

                                 An Act


 
  To exclude from gross income payments from the Hokie Spirit Memorial 
    Fund to the victims of the tragic event at Virginia Polytechnic 
  Institute & State University. <<NOTE: Dec. 19, 2007 -  [H.R. 4118]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. EXCLUSION FROM INCOME FOR PAYMENTS FROM THE HOKIE 
                              SPIRIT MEMORIAL FUND.

    For purposes of the Internal Revenue Code of 1986, gross income 
shall not include any amount received from the Virginia Polytechnic 
Institute & State University, out of amounts transferred from the Hokie 
Spirit Memorial Fund established by the Virginia Tech Foundation, an 
organization organized and operated as described in section 501(c)(3) of 
the Internal Revenue Code of 1986, if such amount is paid on account of 
the tragic event on April 16, 2007, at such university.
SEC. 2. <<NOTE: 26 USC 6698 note.>> MODIFICATION OF PENALTY FOR 
                    FAILURE TO FILE PARTNERSHIP RETURNS.

    For any return of a partnership required to be filed under section 
6031 of the Internal Revenue Code of 1986 for a taxable year beginning 
in 2008, the dollar amount in effect under section 6698(b)(1) of such 
Code shall be increased by $1.

    Approved December 19, 2007.

LEGISLATIVE HISTORY--H.R. 4118:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 153 (2007):
            Dec. 4, considered and passed House.
            Dec. 6, considered and passed Senate.
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 43 (2007):
            Dec. 19, Presidential remarks.

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