A bill to amend the Internal Revenue Code of 1954 to provide that certain restrictions applicable to industrial development bonds shall not apply to bonds the proceeds of which are to be used in any trade or business carried on by any person certified as being a financially distressed person.

referredUnited States· United States Congress· EN

Introduced

11 December 1979

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to provide that interest earned on industrial development bonds the proceeds of which are used in a business carried on by a financially distressed person shall be excludable from gross income. Defines a "financially distressed person" as a business proprietor who is in financial difficulty and whose financial demise would have a seriously adverse effect on the economy of any State or the United States.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Introduced in House
summary · EN · 11 December 1979
Open at official source

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/96th-congress/house-bill/6101
Open data entity: https://api.congress.gov/v3/bill/96/hr/6101