A bill to amend the Internal Revenue Code of 1986 to exclude from gross income foster care payments provided by the Federal Government and to amend the Tax Reform Act of 1986 to make certain changes in the treatment of foster care payments retroactive to 1979.

Summary

Amends the Internal Revenue Code to provide an income tax exclusion for foster care payments provided by an agency of the Federal Government. (Present law excludes only such payments made by State or private placement agencies.) Specifies that such treatment shall be applied as if included in the Tax Reform Act of 1986. Amends the Tax Reform Act of 1986 to make retroactive to taxable years beginning after December 31, 1978, certain amendments made concerning the tax treatment of foster care payments.

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

Timeline

1. 5 February 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 5 February 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 February 1987

  Open at official source

Sponsors

• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• · ssfi00 · Standing

Related records

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