A bill to amend the Internal Revenue Code to restore to savings and loan associations and other organizations to which Section 593 applies, the full amount of the Section 38 investment tax credit, and for other purposes.

Summary

Amends the Internal Revenue Code to eliminate the limitation on the amount of investment tax credit allowed to certain mutual savings banks, domestic building and loan associations, and cooperative banks. Revises the formula for computing the addition to the reserve for bad debts of such an institution. Removes as an item of tax preference the amount of reserves for losses or bad debts of financial institutions. Eliminates the reduction of the dividends received deduction allowed to mutual savings banks and similar institutions by the amount of the applicable percentage used under the percentage of taxable income method. Prohibits the application of Revenue Ruling 80-274, which deals with the tax treatment of group single-premium retirement annuity contracts held by federally insured savings and loan associations.

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1 official file

• Introduced in House

  summary · EN · 12 May 1981

  Open at official source

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