To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section S1: 1. Short title This Act may be cited as the Getting Rid of Abusive Trust Schemes Act or the GRATS Act.
- Section H3F84DC0303494740BF7B0CD8BBB59378: 2. Required minimum 15-year term, etc., for grantor retained annuity trusts Subsection (b) of section 2702 of the Internal Revenue Code of 1986 is amended— by...
- Section id5a05ddc577cc431aae46b453f27c61d7: 3. Certain transfers between grantor trust and deemed owner Part IV of subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by...
- Section id68fc0fabfb9b4454a7377ce3e97f9be0: 1062. Certain transfers between grantor trust and deemed owner In the case of any transfer of property for consideration between a trust and a person who is a...
- Section id9b68a1bead4d460f902a277132b8a450: 4. Payment of tax on income of grantor trust Section 2503 of the Internal Revenue Code of 1986 is amended— in subsection (a), by striking The term and...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Foreign Policy
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Wyden (for himself and Mr. King) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → The Secretary identified in the operative section
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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