A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of certain lending or finance businesses for purposes of the tax on personal holding companies.

Summary

Amends the Internal Revenue Code with respect to the exceptions for certain lending or finance businesses from the definition of a personal holding company. Revises the existing formula to increase the overall percentage of deductions directly allocable to a finance business in order to qualify it for exclusion from such definition. Increases from 60 months to 144 months the limitations on the maturity of commercial paper and loans dealt in or made by a qualifying finance business. Excepts from the computation of average maturities all open end credit transactions (revolving credit).

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1 official file

• Introduced in Senate

  summary · EN · 6 March 1980

  Open at official source

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