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S 2180 98th Congress Senate Taxation Agriculture and Rural Affairs Conservation of natural resources Depreciation and amortization Environmental Protection Income tax Investment tax credit Irrigation Soil conservation Tax credits Tax deductions Water and Water Resources Development Water conservation Water supply

A bill to amend the Internal Revenue Code of 1954 to provide a 20 percent investment tax credit for certain soil or water conservation expenditures.

Introduced: November 18, 1983 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 5, 1984
Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-850.
Mar 5, 1984
Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 98-850.
Dec 6, 1983
Committee on Finance requested executive comment from OMB, Treasury Department.
Nov 18, 1983
Read twice and referred to the Committee on Finance.
Nov 18, 1983
Introduced in Senate
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to provide an additional ten percent investment tax credit for expenditures for soil or water conservation property.

Defines "soil or water conservation property" as certain irrigation equipment (the use of which is certified by the Soil Conservation Service) or the portion of the basis of qualified land which is attributable to specified conservation improvements made by the taxpayer. Treats a taxpayer who has paid or incurred an assessment with respect to property used by a soil or water conservation or drainage district as having acquired a portion of such property.

Provides that soil or water conservation property shall cease to be qualified for the investment tax credit provided by this Act if the taxpayer discontinues the business of farming within five years after the date on which the property was placed in service.

Provides that the amount of the deduction allowed under the accelerated cost recovery system for irrigation property qualified under this Act shall be determined according to a straight-line method of depreciation.

What's happening now March 5, 1984

Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-850.

 Committees of jurisdiction 3