A bill to amend the Internal Revenue Code of 1986 to deny certain tax benefits in the case of buildings constructed with Japanese services.

Summary

Amends the Internal Revenue Code to disallow a depreciation income tax deduction in connection with a building if one percent or more of its cost is attributable to services performed by Japanese persons (defined as Japanese citizens, instrumentalities, or corporations, or any corporation owned or controlled by at least one such individual or entity). Disallows tax-exempt bond status with respect to any bond issued as part of an issue one percent or more of whose proceeds is used for a facility if services performed by Japanese persons account for one percent or more of the facility's cost.

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Documents

1 official file

• Introduced in House

  summary · EN · 1 February 1988

  Open at official source

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