FASIT Provisions of 1993 - Amends the Internal Revenue Code to provide for the creation of financial asset securitization investment trusts. Allows such trusts to consist of: (1) money or debt obligations; (2) property acquired in connection with certain defaults held by the trust; (3) hedges or guarantees against economic risks associated with debts issued or held by the trust; or (4) ownership interests in other such trusts.
Provides for taxing the income of such trusts in a manner similar to corporations. Sets forth other rules for such trusts.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR H2433)
Referred to the Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
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