United States · Bill · S
S. 779 (94th)
A bill to amend the Internal Revenue Code of 1954 to allow rapid amortization of certain new multiple dwelling units.
Introduced
20 February 1975
Last action
—
Status
Referred to Senate Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
1 August 2024
Summary
Permits individuals to elect to take an amortization deduction, under the Internal Revenue Code, for high mortgage interest rate multiple dwelling units in lieu of the depreciation deduction with respect to such units. Defines "high mortgage interest rate multiple dwelling units" as multiple dwelling units constructed after December 31, 1974, if the rate of interest on a loan to the taxpayer which is secured by a first mortgage on such dwelling unit exceeds 7.5 percent per year.
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Versions
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Documents
1 official file
Introduced in Senate
summary · EN · 20 February 1975
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/94th-congress/senate-bill/779
- Open data entity: https://api.congress.gov/v3/bill/94/s/779