A bill to amend the Internal Revenue Code of 1954 to provide that the tax rules now applicable to savings and loan associations, mutual savings banks, and certain cooperative banks, shall be applicable to the comparable mortgage programs now undertaken by national mortgage associations.

Summary

Applies to national mortgage associations the provisions of the Internal Revenue Code relating to reserves for losses on loans. Provides for the determination of the reasonable addition to the reserve for bad debts in the case of a national mortgage association. Stipulates that taxable income of a national mortgage association shall be computed by excluding the income from, and expenses attributed to, all qualifying real property loans acquired by the taxpayer before January 1, 1975.

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1 official file

• Introduced in House

  summary · EN · 4 June 1975

  Open at official source

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