February 25, 1999
'Split-Dollar' Legislation Proposed in the House
Key Republican and Democratic leaders on the House Ways and Means Committee have introduced legislation aimed at abolishing a controversial giving technique in which charities and donors divide the proceeds of life-insurance policies purchased with tax-deductible dollars.
The bill, HR 630, was introduced by Ways and Means chairman Bill Archer, a Texas Republican, and the committee's top-ranking Democrat, Charles Rangel of New York. The measure would impose a
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