S 1120
99th Congress
Senate
Taxation
Beverage containers
Beverages
Environmental Protection
Food and Food Industry
Income tax
Recycling of waste products
Refuse and refuse disposal
Tax deductions
A bill to amend the Internal Revenue Code of 1954 to allow a deduction for additions to reserves for refunds of beverage container deposits.
Introduced: May 9, 1985
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 1985
Committee on Finance requested executive comment from Treasury Department.
May 9, 1985
Read twice and referred to the Committee on Finance.
May 9, 1985
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to allow a wholesale distributor of beverages to deduct a reasonable addition to a reserve fund for refunds of beverage container deposits. Directs the Secretary of the Treasury to promulgate regulations which will limit the amount of the deduction allowable for the first year the taxpayer elects such procedure and specify the time and manner for such election. Makes such an election applicable to all subsequent taxable years unless the Secretary consents to a revocation of such election.
What's happening now
Committee on Finance requested executive comment from Treasury Department.
Committees of jurisdiction
1
Cosponsors
1