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HR 3110 98th Congress House Taxation Depreciation and amortization Foreign Trade and Investments Foreign investments Government Operations and Politics Government and business Income tax Industrial development bonds Investment tax credit Leases Local and Municipal Government Local finance Rehabilitation Securities and Investments State finance States Tax credits Tax deductions Tax reform Tax-exempt organizations

A bill to amend the Internal Revenue Code of 1954 to deny certain tax incentives for property used by governments and other tax-exempt entities.

Introduced: May 24, 1983 See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 1983
Ordered to be Reported (Amended).
Jul 27, 1983
Committee Consideration and Mark-up Session Held.
Jul 26, 1983
Committee Consideration and Mark-up Session Held.
Jun 8, 1983
Committee Hearings Held.
May 24, 1983
Introduced in House
May 24, 1983
Referred to House Committee on Ways and Means.
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to deny property used by governments, tax-exempt foreign individuals, and other tax-exempt entities accelerated depreciation deductions. Requires that any deductions for depreciation of such property be calculated according to the straight line method. Exempts from such limitation short-term or casual leases of property and property used in an unrelated trade or business.

Denies the investment tax credit for property used by foreign governments and other foreign persons.

Denies the investment tax credit for rehabilitation expenditures for property which is financed by the proceeds of industrial development bonds.

States that the provisions of this Act shall be effective for property placed in service after May 23, 1983, with an exception for binding contracts and mass commuting vehicles financed by tax-exempt securities.

What's happening now July 27, 1983

Ordered to be Reported (Amended).

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1