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United States · Bill · S

S. 2273 (99th)

A bill to amend the Internal Revenue Code of 1954 to deny the tax exemption for interest on industrial development bonds used to finance acquisition of farm property by foreign persons.

openUnited States· United States Congress· EN

Introduced

9 April 1986

Last action

14 April 1986 · Committee

Status

Committee on Finance requested executive comment from OMB, Departments of the Treasury, State, Agriculture.

Sponsors

Sen. Kasten, Robert W., Jr. [R-WI], Sen. Proxmire, William [D-WI], Sen. Andrews, Mark [R-ND], Sen. Abdnor, James [R-SD], Sen. Bumpers, Dale [D-AR], Sen. Leahy, Patrick J. [D-VT], Sen. Gorton, Slade [R-WA], Sen. Boren, David L. [D-OK], Sen. Zorinsky, Edward [D-NE], Sen. Boschwitz, Rudy [R-MN], Sen. Symms, Steven D. [R-ID], Sen. Durenberger, Dave [R-MN], Sen. Sasser, Jim [D-TN], Sen. Gore, Albert, Jr. [D-TN]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons. Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.

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

Timeline

  1. 9 April 1986

    Introduced

    Introduced in Senate

    Source: IntroReferral

  2. 9 April 1986

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  3. 14 April 1986

    Committee

    Committee on Finance requested executive comment from OMB, Departments of the Treasury, State, Agriculture.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Leesvertaling

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Sponsors

Related records

Sources

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