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United States · Bill · HR

H.R. 1607 (98th)

A bill to amend the Internal Revenue Code of 1954 to make it clear that certain motor vehicle operating leases are leases.

openUnited States· United States Congress· EN

Introduced

23 February 1983

Last action

27 June 1984 · Committee

Status

See H.R.4170.

Sponsors

Rep. Gibbons, Sam [D-FL-7], Rep. Brown, Hank [R-CO-4], Rep. Matsui, Robert T. [D-CA-3], Rep. Jacobs, Andrew, Jr. [D-IN-11], Rep. Vander Jagt, Guy [R-MI-9], Rep. Anthony, Beryl, Jr. [D-AR-4], Rep. Frenzel, Bill [R-MN-3], Sen. Fowler, Wyche, Jr. [D-GA], Rep. Shannon, James M. [D-MA-5], Rep. Hance, Kent R. [D-TX-19], Rep. Archer, Bill [R-TX-7], Rep. Duncan, John J. [R-TN-2], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Flippo, Ronnie G. [D-AL-5], Rep. Stangeland, Arlan [R-MN-7], Rep. Guarini, Frank J. [D-NJ-14], Rep. Fazio, Vic [D-CA-4], Rep. Gradison, Willis D., Jr. [R-OH-1], Rep. Dreier, David [R-CA-33], Rep. Simon, Paul [D-IL-24], Rep. Crane, Philip M. [R-IL-12], Rep. Ford, Harold E. [D-TN-8], Rep. Martin, James G. [R-NC-9], Rep. Hall, Katie [D-IN-1], DON YOUNG, Rep. Campbell, Carroll A., Jr. [R-SC-4], Rep. Hansen, George V. [R-ID-2], Rep. Madigan, Edward R. [R-IL-21], Rep. Kasich, John R. [R-OH-12], Rep. Morrison, Sid [R-WA-4]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to provide that the fact that a motor vehicle operating agreement contains a terminal rental adjustment clause shall not be taken into account in determining whether such agreement is a lease. Defines "motor vehicle operating agreement" to mean any agreement with respect to a motor vehicle under which the lessor (1) is personally liable for the repayment of, or (2) has pledged property, other than property subject to the agreement or property directly or indirectly financed by indebtedness secured by property subject to the agreement, as security for, all amounts borrowed to finance the acquisition of property subject to the agreement. Defines "terminal rental adjustment clause" to mean a provision of an agreement which permits or requires the rental price to be adjusted upward or downward by reference to the amount realized by the lessor under the agreement upon sale or other disposition of such property.

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

Timeline

  1. 23 February 1983

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 23 February 1983

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 23 February 1983

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 20 October 1983

    Referred

    Referred to Subcommittee on Select Revenue Measures.

    Source: Committee

  5. 3 November 1983

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 27 June 1984

    Committee

    See H.R.4170.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Sponsors

Related records

Sources

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