United States · Bill · S
S. 1509 (98th)
A bill to amend the Internal Revenue Code of 1954 to make permanent the percentage rate for computing the addition to reserves for bad debts for banks; to modify the experience method to allow a showing based on facts and circumstances and to repeal the treatment of percentage method additions as corporate tax preferences.
Introduced
21 June 1983
Last action
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Status
Committee on Finance requested executive comment from OMB, International Trade Commission, Office of the U.S. Trade Representative, Treasury Department, State Department, Commerce Department.
Sponsors
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Subjects
Discovery layer
Source updated
29 June 2021
Summary
Amends the Internal Revenue Code to make permanent the present one percent rate for deductible additions to a bank's bad debt loss reserve account. Modifies the experience method of determining amounts necessary to sustain such a reserve account to allow a taxpayer to use an alternate method of determining reasonable additions to reserve accounts. Repeals the treatment of percentage method additions to loan loss reserves as corporate tax preference items.
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Votes
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Versions
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Documents
1 official file
Introduced in Senate
summary · EN · 21 June 1983
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/98th-congress/senate-bill/1509
- Open data entity: https://api.congress.gov/v3/bill/98/s/1509