Customs Modernization and Informed Compliance Act

Summary

Amends the Internal Revenue Code to prohibit an operator of a licensed cotton warehouse who uses the accrual method of accounting from being required to accrue any amounts to be received for processing or storing cotton at such warehouse until such amounts are actually received. Provides that, if any deferred amount is received during a taxable year, then the tax liability of the taxpayer shall be increased by an interest charge with respect to such deferred amount. Requires the interest charges to be taken into account in computing the amount of any deduction allowable for interest paid or accrued.

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Documents

7 official files

• Reported to Senate (text)

  Reported to Senate · EN

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• Reported in House (text)

  Reported in House · EN

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• Referred in Senate (text)

  Referred in Senate · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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• Reported to Senate with amendment(s)

  summary · EN · 29 September 1992

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• Introduced in House

  summary · EN · 22 July 1992

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