A bill to amend the Internal Revenue Code of 1954 to allow the investment tax credit to certain individuals who purchase used section 38 property used for farming purposes from a related party.

Summary

Amends the Internal Revenue Code to allow the investment tax credit to certain individuals who purchase used depreciable business property used for farming purposes (including livestock used for breeding purposes) from a related party. Limits the allowance to the first sale of such property to such an individual.

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

Timeline

1. 27 March 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 27 March 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 March 1981

   Committee

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

   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 · 27 March 1981

  Open at official source

Sponsors

• Sen. Jepsen, Roger W. [R-IA] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.