A bill to amend the 1986 Tax Act to provide that certain loans between a domestic international sales corporation and a member of the same controlled group of corporations be treated as qualified export assets.

Summary

Amends the Internal Revenue Code to treat as qualified export assets up to $7,500,000 of outstanding obligations received by a domestic international sales corporation (DISC) from members of a controlled group of which the DISC is a member. Applies this treatment with respect to tax years 1980 through 1984 of any non-commission DISC that derived over 80 percent of its gross income from sales of nonprogram agricultural products in all pre-1984 tax years.

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

Timeline

1. 25 January 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 January 1989

   Introduced

   Introduced in Senate

   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 · 25 January 1989

  Open at official source

Sponsors

• Rep. Symms, Steven D. [R-ID-1] · R · Sponsor
• · ssfi00 · Standing

Related records

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