By: Sibley S.B. No. 1948 Line and page numbers may not match official copy. Bill not drafted by TLC or Senate E&E. A BILL TO BE ENTITLED AN ACT 1-1 relating to the treatment of certain annuities as charitable gift 1-2 annuities and the application of the Insurance Code and certain 1-3 other laws to charitable gift annuities. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Article 1.14-1A, Insurance Code, is amended by 1-6 adding Section 7 to read as follows: 1-7 Sec. 7. TREATMENT OF ANNUITY AS CHARITABLE GIFT ANNUITY; 1-8 ESTOPPEL. A donor who treats an annuity as a charitable gift 1-9 annuity in a filing with the United States Internal Revenue Service 1-10 is estopped from asserting in any litigation or proceeding that the 1-11 annuity is not a qualified charitable gift annuity issued by a 1-12 charitable organization, as described by Sections 1, 2, and 6 of 1-13 this article and Section 2(b), Article 1.14-1 of this code. 1-14 SECTION 2. (a) The purpose of this section is to clarify 1-15 the intent of the legislature with respect to the effect of 1-16 Sections 1, 2, and 6, Article 1.14-1A, Insurance Code, as those 1-17 sections existed immediately before the effective date of this Act. 1-18 (b) Sections 1, 2, and 6, Article 1.14-1A, Insurance Code, 1-19 as those sections existed immediately before the effective date of 1-20 this Act, apply to any charitable gift annuity issued before, on, 1-21 or after the effective date of this Act, including any charitable 2-1 gift annuity that is the subject of litigation or another 2-2 proceeding that is pending on the effective date of this Act. 2-3 (c) This section applies without regard to the effective 2-4 date of the legislation enacting Article 1.14-1A, Insurance Code, 2-5 or any other legislation enacted by any legislature that amended 2-6 the provisions of Article 1.14-1A, Insurance Code. 2-7 SECTION 3. This Act applies to any charitable gift annuity 2-8 issued before, on, or after the effective date of this Act, 2-9 including any charitable gift annuity that is the subject of 2-10 litigation or another proceeding that is pending on the effective 2-11 date of this Act. 2-12 SECTION 4. The importance of this legislation and the 2-13 crowded condition of the calendars in both houses create an 2-14 emergency and an imperative public necessity that the 2-15 constitutional rule requiring bills to be read on three several 2-16 days in each house be suspended, and this rule is hereby suspended, 2-17 and that this Act take effect and be in force from and after its 2-18 passage, and it is so enacted.