A bill to amend the Internal Revenue Code of 1986 to allow a deduction for dividends paid by corporations.

Summary

Amends the Internal Revenue Code to allow a tax deduction for dividends paid by corporations. Requires each corporation to establish a qualified dividend account. Makes the following corporations ineligible for the deduction: (1) a regulated investment company; (2) a real estate investment trust; (3) an S corporation; (4) cooperative organizations; and (5) a foreign sales corporation (FSC) or domestic international sales corporation (DISC). Provides for an increase in the withholding tax on dividends paid to nonresident aliens or foreign corporations to reflect the dividend paid to nonresident aliens or foreign corporations to reflect the dividend paid deduction. Requires, in the case of the acquisition of assets of a corporation by another corporation, that the acquiring corporation carryover the qualified dividend account.

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Timeline

1. 13 June 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 13 June 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 June 1989

  Open at official source

Sponsors

• Sen. Shelby, Richard C. [D-AL] · D · Sponsor
• · ssfi00 · Standing

Related records

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