A bill to amend the Internal Revenue Code of 1954 to increase the rate of the tax imposed on tax preferences from 10 percent to 14 percent, to reduce the amount of tax preferences exempt from such tax, and to treat interest on certain governmental obligations as an item of tax preference.

Summary

Increases the rate of the tax imposed, under the Internal Revenue Code, on tax preferences from 10 percent to 14 percent. Reduces from $30,000 to $10,000 the amount of tax preference exempt from such tax. Provides that the interest on governmental obligations excluded from gross income under the Internal Revenue Code shall be treated as an item of tax perference.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 4 June 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.