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HR 1225 99th Congress House Finance and Financial Sector Excise tax Government securities Income tax Interest Securities Securities and Investments Tax deductions Taxation Withholding tax

A bill to prohibit the issuance in bearer form of Treasury obligations or of securities which are interests in Treasury obligations, and for other purposes.

Introduced: February 21, 1985 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 21, 1985
Referred to House Committee on Ways and Means.
Feb 21, 1985
Introduced in House
 Plain-English summary Congressional Research Service

Requires that every obligation of the United States be in registered form.

Amends the Internal Revenue Code to treat any Government-backed security as a registration-required obligation for purposes of the income tax deduction for interest paid or accrued on indebtedness.

Imposes a three percent excise tax on the issuer of registration-required U.S. Government-backed securities which are not issued in registered form. Provides that the issue price of any U.S. Government-backed security shall be treated as the principal amount of the obligation.

Imposes a 30 percent withholding tax on interest received by non-resident aliens from U.S. Government-backed securities.

What's happening now February 21, 1985

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1