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<PRE>[DOCID: f:h2525enr.txt]
        H.R.2525

                       One Hundred Fourth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

         Begun and held at the City of Washington on Wednesday,
  the fourth day of January, one thousand nine hundred and ninety-five


                                 An Act


 
To modify the operation of the antitrust laws, and of State laws similar 
    to the antitrust laws, with respect to charitable gift annuities.

    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 ``Charitable Gift Annuity Antitrust 
Relief Act of 1995''.

SEC. 2. MODIFICATION OF ANTITRUST LAWS.

    (a) Exempt Conduct.--Except as provided in subsection (b), it shall 
not be unlawful under any of the antitrust laws, or under a State law 
similar to any of the antitrust laws, for 2 or more persons described 
in section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 
501(c)(3)) that are exempt from taxation under section 501(a) of such 
Code to use, or to agree to use, the same annuity rate for the purpose 
of issuing 1 or more charitable gift annuities.
    (b) Limitation.--Subsection (a) shall not apply with respect to the 
enforcement of a State law similar to any of the antitrust laws, with 
respect to conduct described in subsection (a) occurring after the 
State enacts a statute, not later than 3 years after the date of the 
enactment of this Act, that expressly provides that subsection (a) 
shall not apply with respect to such conduct.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
        (1) Annuity rate.--The term ``annuity rate'' means the 
    percentage of the fair market value of a gift (determined as of the 
    date of the gift) given in exchange for a charitable gift annuity, 
    that represents the amount of the annual payment to be made to 1 or 
    2 annuitants over the life of either or both under the terms of the 
    agreement to give such gift in exchange for such annuity.
        (2) Antitrust laws.--The term ``antitrust laws'' has the 
    meaning given it in subsection (a) of the first section of the 
    Clayton Act (15 U.S.C. 12), except that such term includes section 
    5 of the Federal Trade Commission Act (15 U.S.C. 45) to the extent 
    that such section 5 applies to unfair methods of competition.
        (3) Charitable gift annuity.--The term ``charitable gift 
    annuity'' has the meaning given it in section 501(m)(5) of the 
    Internal Revenue Code of 1986 (26 U.S.C. 501(m)(5)).
        (4) Person.--The term ``person'' has the meaning given it in 
    subsection (a) of the first section of the Clayton Act (15 U.S.C. 
    12(a)).
        (5) State.--The term ``State'' has the meaning given it in 
    section 4G(2) of the Clayton Act (15 U.S.C. 15g(2)).

SEC. 4. APPLICATION OF ACT.

    This Act shall apply with respect to conduct occurring before, on, 
or after the date of the enactment of this Act.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

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