Enterprise Zone Tax Act of 1982

Summary

Amends the Internal Revenue Code to impose a tax penalty on failures to adhere to the conditions of determination letters relating to independent management of the assets of multiemployer pension plans. Imposes such penalty if the trustee or plan administrator with respect to such plan: (1) takes any action which he knows (or should know) will result in a violation of a condition; or (2) fails to take all reasonable action to prevent or correct any such violation. Sets the amount of such penalty at the lesser of: (1) one-half of one percent of the fair market value of the plan assets involved in the violation; or (2) $400,000 for any calendar month a violation is in effect.

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Documents

3 official files

• Reported to Senate with amendment(s)

  summary · EN · 18 October 1982

  Open at official source

• Passed House amended

  summary · EN · 20 September 1982

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• Introduced in House

  summary · EN · 14 September 1982

  Open at official source

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