Amends the Internal Revenue Code to allow certain small property and casualty insurance companies to determine alternative minimum taxable income and adjusted net book income without regard to underwriting income and expense.
Increases the withholding rate on supplemental wage payments to 24 percent if an employer elects to determine such amounts under a specified Treasury regulation (otherwise such withholding rate is 20 percent).
Provides for the taxation of the income from the merger of Federal land bank associations and farm credit associations, except for income, gain, loss, or deduction properly allocable to loans made by the Federal land bank associations that have an initial term of at least ten years.
Pocket Vetoed by President.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-699.
Reported by the Committee on Ways and Means. H. Rept. 102-699.
Placed on the Union Calendar, Calendar No. 393.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
See H.R.11.