S 1686
100th Congress
Senate
Taxation
Accounting
Agricultural credit
Agricultural economics
Agricultural price supports
Agriculture and Rural Affairs
Government lending
Income tax
Payment-in-kind program
Tax deferral
A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 15, 1987
Read twice and referred to the Committee on Finance.
Sep 15, 1987
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received.
Applies to loans made after 1985.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1