Amends the Internal Revenue Code to declare that unrelated trade or business does not include the activity of soliciting and receiving qualified sponsorship payments (payments received by tax-exempt organizations from corporations and other sponsors in connection with certain athletic and other public events) for purposes of the tax on unrelated business income of charitable, etc., organizations.
Excludes royalties received by certain tax-exempt olympic organizations for the 1996 Olympics as income from an unrelated trade or business.
Includes income received by a tax-exempt organization (other than a tax-exempt credit union) from exchanging or leasing its membership list or its identifying symbol for use in connection with credit or debit cards as income derived from an unrelated trade or business.
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. 102-700.
Reported by the Committee on Ways and Means. H. Rept. 102-700.
Placed on the Union Calendar, Calendar No. 394.
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.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed until July 28.
Considered as unfinished business.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 296 - 123 (Roll no. 327).
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On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 296 - 123 (Roll no. 327).
Roll Call #327 (House)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.
See H.R.11.