02/11/2026
❗️Important Minors Fund - GenWell Info: The IRS recently announced that distributions from a Tribal Minors Trust Fund may qualify for distribution under the EBCI’s GenWell plan, and thus not be subject to federal income tax. The EBCI’s “GenWell” plan is the Tribe’s law that takes advantage of the “General Welfare Exclusion” in federal tax laws. The EBCI can potentially use this change in IRS law to make future Minors Fund distributions non-taxable. For the EBCI to implement this potential change, Tribal Code and EBCI GenWell policies must be updated, which the Attorney General’s Office and Treasury Division are currently working on. Until Tribal Code and GenWell policies are updated, Minors Fund distributions are still subject to federal income tax.
Because future Minors Fund distributions might not be subject to federal taxes, we are giving Minors Fund participants who submitted applications for the March 2026 distribution, the option to withdraw their application. If you withdraw your application, you will not receive the March 2026 Minors Fund distribution, the funds will remain in your Minors Fund account, and you will have to submit a new application to obtain a distribution in the future. This option is to give applicants the opportunity to delay their distribution, which may result in their future distribution not being subject to federal income tax. We will keep the community updated once the EBCI Minors Fund tax changes go into effect.
To withdraw your application, please contact Finance at (828)359-6640 or [email protected] by February 17, 2026.
