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.

Summary

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.

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Documents

1 official file

• Introduced in House

  summary · EN · 21 February 1985

  Open at official source

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