HR 5327
99th Congress
House
Taxation
Bankruptcy
Business and commerce
Employee benefit plans
Health
Health insurance
Income tax
Insurance
Investment tax credit
Iron and steel industry
Labor and Employment
Life insurance
Tax administration
Tax credits
Tax refunds
A bill to allow certain steel companies to elect a 15-year carryback of 50 percent of investment tax credit carryforwards in existence as of the beginning of their 1st taxable year beginning after December 31, 1985.
Introduced: August 1, 1986
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 1986
Referred to House Committee on Ways and Means.
Aug 1, 1986
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to allow certain steel companies to elect a 15-year carryback of 50 percent of investment tax credit carryforwards in existence as of the beginning of their first taxable year beginning after December 31, 1985.
Requires any steel company receiving a refund due to such carryback to use such a refund either: (1) to purchase an insurance policy to provide employee life and health insurance coverage for one year after the beginning of bankruptcy proceedings; or (2) directly in connection with the trade or business of the corporation in the manufacture or production of steel.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1