A bill to amend the Internal Revenue Code of 1954 to provide that indebtedness arising out of taxes or special assessments imposed by State or local governments will not be treated as acquisition indebtedness for purposes of the tax on unrelated business income.

referredUnited States· United States Congress· EN

Introduced

24 February 1976

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Defines the term "acquisition indebtedness", under the Internal Revenue Code, to exclude any indebtedness to the extent that it arises out of a tax or special assessment imposed by a State or any political subdivision thereof, for purposes of the tax on unrelated business income.

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Documents

1 official file

Introduced in House
summary · EN · 24 February 1976
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/94th-congress/house-bill/12052
Open data entity: https://api.congress.gov/v3/bill/94/hr/12052