,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fcbi  ,,in ,,the ,,house ,,of  
,,representatives  ,july #aj1 #bjah,mrs4
 ,noem 7for herself and ,mr4 ,smith of  
,missouri7 introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to exclude from the     
value of taxable estates bequests to    
certain exempt organizations4  #a4      
,short title ,this ,act may be cited as 
the ,family ,business ,legacy ,act of   
#bjah4  #b4 ,exclusion of bequests to   
certain exempt organizations from value 
of taxable estate  7a7 ,in general ,part
 ,,iv of subchapter ,a of chapter #aa of
 the ,internal ,revenue ,code of #aihf  
is amended by adding at the end the     
following new section3  #bjei4 ,bequests
 to certain exempt organizations  7a7   
,in general ,for purposes of the tax    
imposed by section #bjja1 the value of  
the taxable estate shall be determined  
by deducting from the value of the gross

 estate the amount of all bequests1     
devises1 or transfers to or for the use 
of any organization exempt from tax     
under section #eja7;a7 and described in 
paragraph 7#d71 7#e71 or 7#f7 of section
 #eja7;c74  7b7 ,powers of appointment  
,property includible in the decedent's  
gross estate under section #bjda        
7relating to powers of appointment7     
received by a donee described in this   
section shall1 for purposes of this     
section1 be considered a bequest of such
 decedent4  7c7 ,death taxes payable out
 of bequests ,if the tax imposed by     
section #bjja1 or any estate1           
succession1 legacy1 or inheritance      
taxes1 are1 either by the terms of the  
will1 by the law of the jurisdiction    
under which the estate is administered1 
or by the law of the jurisdiction       
imposing the particular tax1 payable in 
whole or in part out of the bequests1   
legacies1 or devises otherwise          
deductible under this section1 then the 
amount deductible under this section    

shall be the amount of such bequests1   
legacies1 or devises reduced by the     
amount of such taxes4  7d7 ,limitation  
on deduction ,the amount of the         
deduction under this section for any    
transfer shall not exceed the value of  
the transferred property required to be 
included in the gross estate4  7e7      
,disallowance of deductions in certain  
cases ,where an interest in property    
7other than an interest described in    
section #agj7;f77#c77;,b77 passes or has
 passed from the decedent to a person1  
or for a use1 described in subsection   
7a71 and an interest 7other than an     
interest which is extinguished upon the 
decedent's death7 in the same property  
passes or has passed 7for less than an  
adequate and full consideration in money
 or money's worth7 from the decedent to 
a person1 or for a use1 not described in
 subsection 7a71 no deduction shall be  
allowed under this section for the      
interest which passes or has passed to  
the person1 or for the use1 described in

 subsection 7a7 unless such interest1   
whether in the form of a remainder      
interest1 lead interest1 or any other   
interest1 is in the form of qualified   
interest 7within the meaning of section 
#bgjb7;b77 and valued under the rules of
 section #gebj4  4  7b7 ,conforming     
amendment ,the table of sections for    
part ,,iv of subchapter ,a of chapter   
#aa is amended by inserting at the end  
the following new item3  ,sec4 #bjei4   
,bequests to certain exempt             
organizations4  4  7c7 ,effective date  
,the amendments made by the section     
shall apply to estates of decedents     
dying or bequests1 devises1 or transfers
 made after ,december #ca1 #bjah4