March 3, 2026
Mr. Begich introduced the following bill; which was referred to the Committee on Ways and Means
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.
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:
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 fundmeans 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 anything.
(b) Clerical amendment
The table of sections for subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item:
(c) Effective date
The amendments made by this section shall apply to payments received after the date of the enactment of this Act.