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, for purposes of the personal holding company tax, to revise the formula used for determining whether the sum of the deductions directly allocable to the conduct of a lending or finance business allows the exclusion of such a business from the definition of a personal holding company. Increases from 60 months to 144 months the limitation on the maturity of commercial paper and loans dealt in or made by a lending or finance business. Excepts from the definition of "lending or finance business" the making of loans, advances, or installment obligations under open end credit agreements.

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