A bill to amend the Internal Revenue Code of 1954 to exclude from gross income interest earned on certain certificates of deposit in financial institutions.

openUnited States· United States Congress· EN

Introduced

6 May 1981

Last action

4 August 1981 · Committee

Status

See H.R.4242.

Sponsors

Rep. Martin, James G. [R-NC-9], Rep. Gibbons, Sam [D-FL-11], Rep. Guarini, Frank J. [D-NJ-14], Rep. Heftel, Cecil [D-HI-1], Rep. Duncan, John J. [R-TN-2], Rep. Bafalis, L. A. (Skip) [R-FL-10], Rep. Rousselot, John H. [R-CA-26], Rep. Patterson, Jerry M. [D-CA-38], Rep. Glickman, Dan [D-KS-4], Rep. Whittaker, Bob [R-KS-5], Rep. Bailey, Donald A. [D-PA-21], Rep. Ford, Harold E. [D-TN-9], Rep. Matsui, Robert T. [D-CA-5], Rep. Lloyd, Marilyn [D-TN-3], Rep. Bowen, David R. [D-MS-2], Rep. Broyhill, James T. [R-NC-10], Rep. Campbell, Carroll A., Jr. [R-SC-4], Rep. Dicks, Norman D. [D-WA-6], Rep. Fiedler, Bobbi [R-CA-21], Rep. Fountain, L. H. [D-NC-2], Rep. Hamilton, Lee H. [D-IN-9], Rep. Johnston, Eugene (Gene) [R-NC-6], Rep. Quillen, James H. (Jimmy) [R-TN-1], Sen. Roberts, Pat [R-KS], Rep. Whitehurst, G. William [R-VA-2], Rep. Winn, Larry, Jr. [R-KS-3], Rep. Wortley, George C. [R-NY-27], Rep. Moore, W. Henson [R-LA-6], Rep. Holland, Kenneth L. [D-SC-5], Rep. Gingrich, Newt [R-GA-6], Sen. Lott, Trent [R-MS], Rep. Luken, Thomas A. [D-OH-1], Rep. Mollohan, Robert H. [D-WV-1], Rep. Nichols, Bill [D-AL-3], Rep. Pritchard, Joel [R-WA-1], Rep. Rahall, Nick J., II [D-WV-3], Rep. Robinson, J. Kenneth [R-VA-7], Rep. Cheney, Dick [R-WY-At Large], Rep. Dwyer, Bernard J. [D-NJ-6], Rep. Jones, Ed [D-TN-8], Rep. Jacobs, Andrew, Jr. [D-IN-10], Rep. Donnelly, Brian J. [D-MA-11], Rep. Hansen, George V. [R-ID-2], Rep. Hefner, W. G. (Bill) [D-NC-8], Sen. Jeffords, James M. [I-VT], Rep. Jeffries, Jim [R-KS-2], Rep. Mottl, Ronald M. [D-OH-23], Rep. Roemer, Buddy [D-LA-4]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official source View documents Share

Summary

Amends the Internal Revenue Code to exclude from gross income interest earned on certificates of deposit issued by banks, certain savings institutions, or credit unions. Requires such certificates to be issued between June 30, 1981 and July 31, 1982, to have a one year maturity, and to bear interest at a rate not greater than 70 percent of the average yield of U.S. Treasury bills. Limits the amount of such exclusion to $1,000 ($2,000 for joint returns).

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

Timeline

6 May 1981
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
6 May 1981
Introduced
Introduced in House
Source: IntroReferral
6 May 1981
Introduced
Introduced in House
Source: IntroReferral
4 August 1981
Committee
See H.R.4242.
Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

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Introduced in House
summary · EN · 6 May 1981
Open at official source

Related records

related to ← Economic Recovery Tax Act of 1981

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/97th-congress/house-bill/3456
Open data entity: https://api.congress.gov/v3/bill/97/hr/3456
us · 97-hr-3456 · source updated 7 February 2024