A bill to amend the Internal Revenue Code of 1986 to provide that the amount of any contribution to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense.

referredUnited States· United States Congress· EN

Introduced

8 January 1987

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to provide that the amount of any contributions to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense which is not chargeable to a capital account. Provides that amounts subsequently received by the taxpayer in connection with no cost tobacco expenditures shall be included in the gross income of the taxpayer for the taxable year in which such amount is received.

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Documents

1 official file

Introduced in House
summary · EN · 8 January 1987
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/100th-congress/house-bill/581
Open data entity: https://api.congress.gov/v3/bill/100/hr/581