1-1 By: Sibley S.B. No. 1948 1-2 (In the Senate - Filed May 7, 1997; May 7, 1997, read first 1-3 time and referred to Committee on Economic Development; 1-4 May 9, 1997, reported adversely, with favorable Committee 1-5 Substitute by the following vote: Yeas 10, Nays 0; May 9, 1997, 1-6 sent to printer.) 1-7 COMMITTEE SUBSTITUTE FOR S.B. No. 1948 By: Sibley 1-8 A BILL TO BE ENTITLED 1-9 AN ACT 1-10 relating to the treatment of certain annuities as charitable gift 1-11 annuities and the application of the Insurance Code and certain 1-12 other laws to charitable gift annuities. 1-13 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-14 SECTION 1. Article 1.14-1A, Insurance Code, is amended by 1-15 adding Section 7 to read as follows: 1-16 Sec. 7. TREATMENT OF ANNUITY AS CHARITABLE GIFT ANNUITY. 1-17 Any annuity treated by the donor as a charitable gift annuity for 1-18 any federal tax purpose shall be considered in any litigation or 1-19 proceeding brought by or on behalf of the donor or the donor's 1-20 heirs or distributees as a charitable gift annuity issued by a 1-21 charitable organization for purposes of Sections 1, 2, and 6 of 1-22 this article and Section 2(b), Article 1.14-1 of this code. 1-23 SECTION 2. Sections 1, 2, 6, and 7, Article 1.14-1A, 1-24 Insurance Code, and Subsection (b), Section 2, Article 1.14-1, 1-25 Insurance Code, as those sections exist on the effective date of 1-26 this Act, apply to any charitable gift annuity issued before, on, 1-27 or after the effective date of this Act, including any charitable 1-28 gift annuity that is the subject of any litigation or other 1-29 proceeding that is pending before, on, or after the effective date 1-30 of this Act. 1-31 SECTION 3. The importance of this legislation and the 1-32 crowded condition of the calendars in both houses create an 1-33 emergency and an imperative public necessity that the 1-34 constitutional rule requiring bills to be read on three several 1-35 days in each house be suspended, and this rule is hereby suspended, 1-36 and that this Act take effect and be in force from and after its 1-37 passage, and it is so enacted. 1-38 * * * * *