A bill to amend the Internal Revenue Code of 1954 to exempt from income tax interest on certain loans used to purchase soil conservation tillage equipment, and to provide additional tax incentives with respect to such equipment.

referredUnited States· United States Congress· EN

Introduced

11 March 1982

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to exclude from gross income interest received on loans used to purchase soil conservation tillage equipment. Disallows such exclusion by any person in the lending or finance business or by corporations. Classifies such tillage equipment as "three-year property" for purposes of the accelerated cost recovery system.

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Documents

1 official file

Introduced in House
summary · EN · 11 March 1982
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/house-bill/5814
Open data entity: https://api.congress.gov/v3/bill/97/hr/5814