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S 1564 98th Congress Senate Taxation Depreciation and amortization Foreign Trade and Investments Foreign investments Government Operations and Politics Government and business Income tax Investment tax credit Leases Local and Municipal Government Local finance Rehabilitation State finance States Tax credits Tax deductions Tax reform Tax-exempt organizations

Governmental Lease Financing Reform Act of 1983

Introduced: June 29, 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
Sep 29, 1983
Committee on Finance. Committee consideration and Mark Up Session held.
Sep 28, 1983
Committee on Finance. Committee consideration and Mark Up Session held.
Jul 19, 1983
Committee on Finance. Hearings held. Hearings printed: S.Hrg. 98-380.
Jul 12, 1983
Committee on Finance requested executive comment from OMB, Treasury Department.
Jun 29, 1983
Read twice and referred to the Committee on Finance.
Jun 29, 1983
Introduced in Senate
 Plain-English summary Congressional Research Service

Governmental Lease Financing Reform Act of 1983 - 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 leases of personal property, short-lived property (property with a present class life of six years and subject to a lease which is 75 percent or less of such present class life), and property which is used in an unrelated trade or business.

Denies the investment tax credit for property used by foreign governments and other foreign persons. Allows an investment tax credit for property used by governments or other tax-exempt entities which is subject to a short-term lease.

Denies the investment tax credit for rehabilitation expenditures for property which is used by governments or tax-exempt entities. Requires the recapture of tax on rehabilitated buildings which become tax-exempt use property.

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.

What's happening now September 29, 1983

Committee on Finance. Committee consideration and Mark Up Session held.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1