A bill to amend the Internal Revenue Code of 1954 with respect to the application of the investment tax credit at risk rules in the case of certain subchapter S corporations.

Summary

Amends the Internal Revenue Code to permit subchapter S corporations in the automobile leasing business to allocate their at-risk loans, for purposes of the investment tax credit, among shareholders in the same manner as other ownership interests are allocated. Limits such allocation authority to subchapter S corporations which for the current taxable year and each of the two preceding taxable years: (1) had at least 150 full-time employees working directly with the care rental business; and (2) had at least $50,000,000 in gross receipts from the car rental business.

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1 official file

• Introduced in House

  summary · EN · 19 May 1982

  Open at official source

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