A bill to amend sections 169 and 103 of the Internal Revenue Code with respect to tax treatment of pollution control facilities.

Summary

Amends the Internal Revenue Code to revise "air or water pollution control facilities" for purposes of the income tax exclusion of interest on industrial development bonds. Requires such equipment to meet Federal or State certification requirements in order to qualify for preferential tax treatment. Disallows an income tax exclusion for that portion of the bond proceeds which exceed the amount by which the acquisition and construction costs exceed the net profit reasonably expected to be derived through the recovery of wastes or by the operation of the pollution control facility over its useful life. Places specified dollar limits on the face amounts of obligations issued for air or water pollution control facilities at any new manufacturing or processing plant. Defines "hazardous waste or solid waste disposal facilities," for purposes of the exclusion of interest on industrial development bonds, to include depreciable property installed solely to comply with hazardous or solid waste management requirements imposed by the Solid Waste Disposal Act.

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1 official file

• Introduced in House

  summary · EN · 22 July 1981

  Open at official source

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