S 155
103th Congress
Senate
Taxation
Collection of accounts
Consumer cooperatives
Fees
Income tax
Tax-exempt organizations
Telephone
Unrelated business income tax
A bill to amend the Internal Revenue Code of 1986 with respect to the treatment of certain amounts received by a cooperative telephone company.
Introduced: January 21, 1993
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 21, 1993
Read twice and referred to the Committee on Finance.
Jan 21, 1993
Sponsor introductory remarks on measure. (CR S585)
Jan 21, 1993
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code with respect to the tax-exempt status of a cooperative telephone company to provide for the tax treatment of income received from a nonmember telephone company for services by the cooperative which are indirectly paid for by members of the cooperative. Includes billing and collection services for a nonmember telephone company under such treatment.
Provides for the tax treatment of account reserve income that does not exceed a specified percentage of the company's total income. Subjects a portion of such investment income to unrelated business income tax.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1