A bill to amend the Internal Revenue Code of 1954 to make it clear that certain motor vehicle operating leases are leases.

Summary

Amends the Internal Revenue Code to provide that the fact that a motor vehicle operating agreement contains a terminal rental adjustment clause shall not be taken into account in determining whether such agreement is a lease. Defines "motor vehicle operating agreement" to mean any agreement with respect to a motor vehicle under which the lessor (1) is personally liable for the repayment of, or (2) has pledged property, other than property subject to the agreement or property directly or indirectly financed by indebtedness secured by property subject to the agreement, as security for all amounts borrowed to finance the acquisition of property subject to the agreement. Defines "terminal rental adjustment clause" to mean a provision of an agreement which permits or requires the rental price to be adjusted upward or downward by reference to the amount realized by the lessor under the agreement upon sale or other disposition of such property.

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

Timeline

1. 27 April 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 April 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 May 1983

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

4. 7 June 1983

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-319.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 27 April 1983

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Cosponsor
• Sen. Matsunaga, Spark M. [D-HI] · D · Cosponsor
• Sen. Armstrong, William L. [R-CO] · R · Cosponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to make it clear that certain motor vehicle operating leases are leases.