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HR 4520 99th Congress House Taxation Agriculture and Rural Affairs Farm ownership Farms Finance and Financial Sector Foreign Trade and Investments Foreign investments Foreign ownership of real property Income tax Industrial development bonds Interest Securities and Investments Tax exclusion Tax-exempt securities

A bill to amend the Internal Revenue Code of 1954 to deny the tax exemption for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons.

Introduced: April 8, 1986 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
Apr 8, 1986
Referred to House Committee on Ways and Means.
Apr 8, 1986
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons.

Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.

What's happening now April 8, 1986

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1