A bill to amend the Internal Revenue Code of 1954 to simplify the imputed interest rules of sections 1274 and 483, and for other purposes.

Summary

Amends the Internal Revenue Code to reduce the imputation rate on seller-financed transactions from 120 percent to 100 percent of the Federal rate. Eliminates the separate testing rate for the determination of imputed interest. Directs the Secretary of the Treasury to make a determination of the Federal short-term, mid-term, and long-term rates on a monthly basis. Permits the use of a lower rate than the applicable Federal rate where such rate is based on the same principles as the applicable Federal rate and is appropriate for the term of the instrument. Provides that the rate used to test the adequacy of stated interest on the first $2,000,000 of seller financing cannot exceed nine percent. Provides that where the amount of seller financing is greater than $4,000,000, the test rate is 100 percent of the applicable Federal rate. Establishes a blended rate for sales between $2,000,000 and $4,000,000 equal to nine percent on an amount which phases out dollar-for-dollar as the amount of seller financing exceeds $2,000,000 and 100 percent of the applicable Federal rate on the excess. Provides that the $2,000,000 and $4,000,000 threshold amounts will be indexed for inflation after 1988. Allows the parties to elect to account for interest using the cash method of accounting where the transaction amount of seller-financing is not more than $2,000,000. Lengthens the recovery period for real property from 18 to 19 years.

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

Timeline

1. 14 May 1985

   Reported

   Reported to House by House Committee on Ways and Means. Report No: 99-87.

   Source: Committee

2. 14 May 1985

   Reported

   Reported to House by House Committee on Ways and Means. Report No: 99-87.

   Source: Committee

3. 14 May 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

4. 14 May 1985

   Calendars

   Placed on Union Calendar No: 52.

   Source: Calendars

5. 14 May 1985

   Introduced

   Introduced in House

   Source: IntroReferral

6. 14 May 1985

   Introduced

   Introduced in House

   Source: IntroReferral

7. 20 May 1985

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held prior to introduction and/or referral. Hearings printed: S.Hrg. 99-110.

   Source: Committee

8. 21 May 1985

   Vote

   Passed House by Yea-Nay Vote: 425 - 0 (Record Vote No: 119).

   Source: Floor

9. 21 May 1985

   Vote

   Passed/agreed to in House: Passed House by Yea-Nay Vote: 425 - 0 (Record Vote No: 119).

   Source: Floor

10. 21 May 1985

    Floor

    Called up by House Under Suspension of Rules.

    Source: Floor

11. 22 May 1985

    Introduced

    Received in the Senate and read twice and referred to the Committee on Finance.

    Source: IntroReferral

12. 29 May 1985

    Committee

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

    Source: Committee

13. 6 June 1985

    Reported

    Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

14. 13 June 1985

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 185.

    Source: Calendars

15. 13 June 1985

    Reported

    Committee on Finance. Reported to Senate by Senator Packwood with an amendment in the nature of a substitute. With written report No. 99-83.

    Source: Committee

16. 13 June 1985

    Reported

    Committee on Finance. Reported to Senate by Senator Packwood with an amendment in the nature of a substitute. With written report No. 99-83.

    Source: Committee

17. 25 June 1985

    Floor

    Motion to proceed to consideration of measure made in Senate.

    Source: Floor

18. 26 June 1985

    ResolvingDifferences

    Senate insists on its amendments, asks for a conference, appoints conferees Packwood; Roth; Chafee; Heinz; Durenberger; Long; Bentsen; Matsunaga; Moynihan.

    Source: ResolvingDifferences

19. 26 June 1985

    Passed

    Motion to proceed to consideration of measure agreed to in Senate.

    Source: Floor

20. 26 June 1985

    Passed

    Passed/agreed to in Senate: Passed Senate with amendments by Voice Vote.

    Source: Floor

21. 1 August 1985

    Passed

    House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

22. 1 August 1985

    Passed

    Conference report agreed to in House: House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

23. 1 August 1985

    ResolvingDifferences

    Conference Report 99-250 Filed in House.

    Source: ResolvingDifferences

24. 1 August 1985

    ResolvingDifferences

    Conference report filed: Conference Report 99-250 Filed in House.

    Source: ResolvingDifferences

25. 1 August 1985

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

26. 1 August 1985

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

27. 1 August 1985

    Passed

    House Agreed to Request for Conference and Speaker Appointed Conferees: Rostenkowski, Gibbons, Pickle, Rangel, Stark, Duncan, Archer, Vander Jagt.

    Source: ResolvingDifferences

28. 1 August 1985

    Passed

    House Disagreed to Senate Amendments by Unanimous Consent.

    Source: ResolvingDifferences

29. 1 August 1985

    Passed

    Resolving differences -- House actions: House Disagreed to Senate Amendments by Unanimous Consent.

    Source: NotUsed

30. 1 October 1985

    Passed

    Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.

    Source: ResolvingDifferences

31. 1 October 1985

    ResolvingDifferences

    Conference report considered in Senate.

    Source: ResolvingDifferences

32. 3 October 1985

    Floor

    Presented to President.

    Source: Floor

33. 3 October 1985

    President

    Presented to President.

    Source: President

34. 3 October 1985

    Floor

    Measure Signed in Senate.

    Source: Floor

35. 11 October 1985

    Became law

    Signed by President.

    Source: BecameLaw

36. 11 October 1985

    Became law

    Became Public Law No: 99-121.

    Source: President

37. 11 October 1985

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

5 official files

• Public Law (PDF)

  Public Law · EN · 12 October 1985

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 1 August 1985

  Open at official source

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• Passed Senate amended

  summary · EN · 26 June 1985

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• Reported to Senate with amendment(s)

  summary · EN · 13 June 1985

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• Introduced in House

  summary · EN · 14 May 1985

  Open at official source

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  Vertaal document

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Sponsors

• Rep. Rostenkowski, Dan [D-IL-8] · D · Sponsor
• Rep. Pickle, J. J. [D-TX-10] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Jones, James R. [D-OK-1] · D · Sponsor
• Rep. Jacobs, Andrew, Jr. [D-IN-10] · D · Sponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Sponsor
• Rep. Jenkins, Edgar L. [D-GA-9] · D · Sponsor
• Rep. Heftel, Cecil [D-HI-1] · D · Sponsor
• Sen. Fowler, Wyche, Jr. [D-GA] · D · Sponsor
• Rep. Guarini, Frank J. [D-NJ-14] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Sponsor
• Rep. Anthony, Beryl, Jr. [D-AR-4] · D · Sponsor
• Rep. Flippo, Ronnie G. [D-AL-5] · D · Sponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Sponsor
• Rep. Kennelly, Barbara B. [D-CT-1] · D · Sponsor
• Rep. Coyne, William J. [D-PA-14] · D · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• Rep. Gradison, Willis D., Jr. [R-OH-2] · R · Sponsor
• Rep. Moore, W. Henson [R-LA-6] · R · Sponsor
• Rep. Thomas, William M. [R-CA-21] · R · Sponsor
• Rep. Daub, Hal [R-NE-2] · R · Sponsor
• Sen. Gregg, Judd [R-NH] · R · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• · ssfi00 · Standing
• · hswm00 · Standing

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