A bill to amend the Internal Revenue Code of 1954 to provide that debts shall accrue only in certain circumstances.

Summary

Amends the Internal Revenue Code to provide that in the case of accrual method taxpayers: (1) a debt owed to the taxpayer shall not be included in the income of such taxpayer and (2) a debt owed by the taxpayer shall not be deductible from the income of such taxpayer unless such debt is enforceable under the laws of the State in which it was incurred or unless such debt is paid.

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

Timeline

1. 30 September 1982

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 September 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 12 October 1982

   Committee

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

   Source: Committee

4. 15 December 1982

   Committee

   Committee on Finance. Hearings held.

   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 · 30 September 1982

  Open at official source

Sponsors

• Sen. Cannon, Howard W. [D-NV] · D · Sponsor
• Sen. Laxalt, Paul D. [R-NV] · R · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• · ssfi00 · Standing

Related records

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