Authorizes regulated investment companies, under the Internal Revenue Code, to pay exempt-interest dividends in an amount up to 90 percent of the excess of its tax-exempt interest without affecting its tax-exempt status.
Allows shareholders to treat such exempt-interest dividends as excludable from gross income.
Disallows that portion of the deduction for expenses and interest relating to tax-exempt income which the amount of such company's exempt-income bears to its gross income.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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