A bill to amend the Internal Revenue Code of 1954 to provide that the amount of any contribution to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense.

Summary

Amends the Internal Revenue Code to provide that the amount of any contributions to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense which is not chargeable to a capital account. Provides that amounts subsequently received by the taxpayer in connection with no cost tobacco expenditures shall be included in the gross income of the taxpayer for the taxable year in which such amount is received.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 March 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 March 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 March 1985

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 5 March 1985

  Open at official source

Sponsors

• Rep. Neal, Stephen L. [D-NC-5] · D · Sponsor
• Rep. Jones, Walter B. [D-NC-1] · D · Sponsor
• Rep. Hefner, W. G. (Bill) [D-NC-8] · D · Sponsor
• Rep. Boucher, Rick [D-VA-9] · D · Sponsor
• Rep. Tallon, Robert M. (Robin) [D-SC-6] · D · Sponsor
• Rep. Hendon, Bill [R-NC-11] · R · Sponsor
• Rep. Cobey, William W. [R-NC-4] · R · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• Rep. Perkins, Carl C. [D-KY-7] · D · Cosponsor
• Rep. McMillan, J. Alex [R-NC-9] · R · Cosponsor
• Rep. Valentine, Tim [D-NC-2] · D · Cosponsor
• · hswm00 · Standing

Related records

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