A bill to amend the Internal Revenue Code to allow an equal investment interest deduction limitation for taxpayers controlling a corporation through an employee ownership plan as exists under current law for other taxpayers controlling an enterprise.

Summary

Amends the Internal Revenue Code to increase from $10,000 to $15,000 the limitation on the income tax deduction for interest paid or accrued on investment indebtedness for individuals who invest in a corporation or partnership and who control such corporation or partnership through an employee ownership plan.

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

Timeline

1. 18 June 1982

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 June 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 June 1982

  Open at official source

Sponsors

• Sen. Long, Russell B. [D-LA] · D · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• · ssfi00 · Standing

Related records

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