December 2, 1999
'Split-Dollar' Legislation Passed by Congress
The House and Senate have approved legislation that will effectively abolish a controversial giving technique in which charities and donors divide the proceeds of life-insurance policies purchased with tax-deductible contributions. President Clinton was expected to sign the legislation, which was included in the Ticket to Work and Work Incentives Improvement Act, H.R. 1180, a package of tax measures.
The provision will impose a financial penalty on charities
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