Tax Equalization Act

Summary

Tax Equalization Act - Provides that no deduction or any other allowance which has the effect of reducing gross income shall be permitted to cooperative corporations for amounts paid or accrued as "patronage dividends" by such corporations. Defines cooperative corporation as one that represents to persons dealing with it that their patronage will entitle them to patronage dividends or an equity interest in the corporation assets or that otherwise operated for the mutual benefit of persons that deal with it. Defines patronage dividends as allocations paid to members on some basis related to their transactions with the cooperative corporation if the allocation is based on profit margins, income from the resale of the producers products, or divedends declared. Allows the tax exclusion for patronage dividends with respect to farmer's cooperative associations.

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 · 20 January 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.