A bill to amend the Internal Revenue Code of 1954 to limit the benefit of accelerated cost recovery system deductions and investment tax credits obtained by safe harbor lessors, to exclude safe harbor lessors from the at risk limitations, to limit the availability of safe harbor leasing in the case of certain lessees with foreign source income, and to limit the interest deduction of safe harbor lessors.
Safe Harbor Leasing Reform Act of 1982 - Amends the Internal Revenue Code to limit the accelerated depreciation deductions and investment tax credit amounts accruing to safe harbor lessors from sale and leaseback arrangements of depreciable property.
Allows such lessors a limited income tax credit for the reduction in tax benefits.
Exempts safe harbor lessors from at risk requirements for deducting investment losses.
Limits the availability of sale and leaseback arrangements in the case of certain lessees with foreign source income.
Limits the income tax deduction for interest on investment indebtedness for safe harbor lease property.
Became Public Law No: 97-248.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4961.
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