A bill to provide that certain amounts received by a qualified cooperative housing corporation in connection with the refinancing of indebtedness of such corporation shall not be subject to Federal income tax, and for other purposes.

Summary

Amends the Internal Revenue Code to exclude from the gross income of a qualified cooperative housing corporation certain amounts, for closing costs or the creation of a reserve for the qualified cooperative housing corporation, received in connection with the refinancing of the indebtedness of such corporation. Provides that, with respect to any payment from a qualified refinancing-related reserve out of amounts excluded from gross income, no deduction shall be allowed in computing its income, and the basis of any property acquired with such payment shall be reduced by the amount of such payment.

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Timeline

1. 15 April 1986

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

2. 15 April 1986

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 15 April 1986

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 April 1986

   Introduced

   Introduced in House

   Source: IntroReferral

5. 19 May 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 15 April 1986

  Open at official source

Sponsors

• Rep. Rangel, Charles B. [D-NY-15] · D · Sponsor
• · hswm00 · Standing

Related records

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