Summary: S.1623 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for S.1623. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (08/07/1987)

Amends the Internal Revenue Code to accord income tax treatment as a qualified cash or deferred arrangement (401(k) plan) to a defined contribution plan established and maintained by a rural telephone cooperative. (Under current law, rural electric cooperatives, but not rural telephone cooperatives, are permitted to offer such plans to their employees.) Applies to such plans the same accounting rules as are currently applied to the plans of rural electric cooperatives.