A bill to amend the Internal Revenue Code of 1954 to exclude from gross income all dividends received by individuals from domestic corporations and to exclude from gross income interest on certain savings.

referredUnited States· United States Congress· EN

Introduced

7 November 1979

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to exclude from gross income dividend income received by an individual taxpayer from a domestic corporation which is not a tax-exempt organization, real estate investment trust, or a personal holding company. Excludes from an individual taxpayer's gross income, income earned on a savings account on deposit with a bank, savings association, or a credit union. Limits the amount of such exclusion to $400 for a taxable year.

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Documents

1 official file

Introduced in House
summary · EN · 7 November 1979
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/house-bill/5806
Open data entity: https://api.congress.gov/v3/bill/96/hr/5806