S 112
104th Congress
Senate
Taxation
Collection of accounts
Commerce
Consumer cooperatives
Fees
Income tax
Science, Technology, Communications
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 4, 1995
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 4, 1995
Read twice and referred to the Committee on Finance.
Jan 4, 1995
Sponsor introductory remarks on measure. (CR S345-346)
Jan 4, 1995
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code with respect to the tax-exempt status of a mutual or cooperative telephone company to provide that 50 percent of the income received from a nonmember telephone company for services by the cooperative shall be treated as collected from members of the cooperative for the sole purpose of meeting the losses and expenses of the cooperative.
Excludes, in determining the income of a cooperative: (1) billing and collection services performed for a nonmember telephone company; and (2) certain reserve income that does not exceed 35 percent of the company's total income. Subjects a portion of such reserve 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