Goldbelt Tina'a Distributions Trust
The Goldbelt, Inc. Board of Directors recently approved a unanimous resolution to create a tax-savings settlement trust for distributions to shareholders, to take advantage of recent changes in United States tax law. Goldbelt shareholders will vote on the establishment of the Trust at the 45th Annual Meeting of Shareholders to be held on July 13, 2019 at the Centennial Hall Convention Center in Juneau. If passed, the Goldbelt Tináa Distributions Trust will provide tax savings to the corporation, and shareholders will not pay any federal income tax on distributions made through the Trust. The Goldbelt Board of Directors sees this tax savings as not only good business, but good for the continued health, education, and welfare of our shareholders, helping us preserve our heritage and culture.
Questions & Answers
What is the proposed Goldbelt Tináa Distributions Trust?
The proposed distributions Trust is a separate designated Trust that can provide federal tax-free distributions to shareholders and an income-tax deduction for Goldbelt Inc. It’s a win-win for shareholders and the corporation!
Why create the Trust now, in 2019?
In 2017, the Tax Cuts and Jobs Act was passed into law, paving the way for Alaska Native corporations to make tax-deductible contributions to a Settlement Trust. Goldbelt wants to take advantage of these tax savings without further delay to save Shareholders money on federal income taxes.
Who are the Board of Trustees and Beneficiaries for the Tináa Trust?
All sitting Goldbelt Board Members will serve as a Trustee for the Tináa Distributions Trust. Only Goldbelt shareholders with voting shares will become Trust beneficiaries and participate in the distributions.
What is the difference between the Goldbelt Ancestral Trust and the Tináa Distributions Trust?
The Tináa Trust can be used for cost savings distributions today, while the Ancestral Trust can only provide distributions based on earnings that will take many, many years to grow. The Ancestral Trust will remain active and will not be affected by the Tináa Trust. It will continue to grow and be a safe haven for our assets for future generations.