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United States · Bill · HR

H.R. 2548 (99th)

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.

referredUnited States· United States Congress· EN

Introduced

20 May 1985

Last action

20 May 1985 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Neal, Stephen L. [D-NC-5], Rep. Jones, Walter B. [D-NC-1], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. Duncan, John J. [R-TN-2], Rep. Whitley, Charles O., Sr. [D-NC-3], Rep. Valentine, Tim [D-NC-2], Rep. Perkins, Carl C. [D-KY-7], Rep. Tallon, Robert M. (Robin) [D-SC-6], Rep. Boucher, Rick [D-VA-9], Rep. Rose, Charlie [D-NC-7], Rep. McMillan, J. Alex [R-NC-9], Rep. Hendon, Bill [R-NC-11], Rep. Cobey, William W. [R-NC-4]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

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. Provides that no amounts received by a No Net Cost Tobacco Fund or a No Net Cost Tobacco Account as either no net cost tobacco expenditures or interest or investment income on the balance in the Fund or Account shall be treated as income to the organization administering such Fund or Account.

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

Timeline

  1. 20 May 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 20 May 1985

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  3. 20 May 1985

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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