A bill to amend the Internal Revenue Code of 1954 to encourage investments in mortgage-backed securities through trusts for investments in mortgages, and for other purposes.

Summary

Amends the Internal Revenue Code to allow the establishment of tax-exempt trusts for investments in mortgages (TIM). Defines a TIM as a corporation, trust, or association: (1) which is managed by one or more trustees or directors; (2) the beneficial ownership of which is evidenced by registered transferable shares or by transferable certificates of beneficial interest; (3) which would otherwise be taxable as a domestic corporation; and (4) which is not a financial institution or an issuance company. Sets forth special rules and investment requirements for qualification as a TIM. Excludes such trusts from taxation. Requires that a TIM shall: (1) use the cash method of accounting; and (2) use the calendar year as its accounting period. Requires that a TIM shareholder shall be treated as if the TIM was partnership and the shareholder was a partner. Sets forth rules for the treatment of dispositions of qualified obligations. Sets forth rules for the treatment of 20 percent or more shareholders. Sets forth rules for the recognition of gains and losses by shareholders. Prohibits certain transactions by TIM'S. Imposes an excise tax on any such prohibited transactions.

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Timeline

1. 4 August 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 4 August 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 20 August 1983

   Committee

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

   Source: Committee

4. 4 November 1983

   Committee

   Committee on Finance. Hearings held. Hearings printed: S.Hrg. 98-630.

   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 · 4 August 1983

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Tower, John G. [R-TX] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Cosponsor
• Sen. Jepsen, Roger W. [R-IA] · R · Cosponsor
• · ssfi00 · Standing

Related records

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