To amend the Internal Revenue Code of 1986 to exclude from gross income payments from funds established by a State for purposes of the welfare of the individual residents of such State.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7760 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7760 To amend the Internal Revenue Code of 1986 to exclude from gross income payments from funds established by a State for purposes of the welfare of the individual residents of such State. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 3, 2026 Mr. Begich 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 exclude from gross income payments from funds established by a State for purposes of the welfare of the individual residents of such State. 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 ``Protect Future Dividends Act''. SEC. 2. EXCLUSION OF PAYMENTS FROM STATE SOVEREIGN WEALTH FUNDS. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: ``SEC. 139M. PAYMENTS FROM STATE SOVEREIGN WEALTH FUNDS. ``(a) In General.--Gross income does not include any payment received by an individual from a State sovereign wealth fund. ``(b) State Sovereign Wealth Fund.--For purposes of this section, the term `State sovereign wealth fund' means a permanent fund-- ``(1) which is established and maintained by a State solely for the benefit of individual residents of such State, ``(2) to which amounts of State revenue designated under State law are directed, ``(3) the principal of which is invested in a manner prescribed under State law, and ``(4) from which periodic payments are made under State law to individuals based primarily on residency within the State and not in consideration for anythi