H.R.4823 - National Earthquake Damage Prevention Act of 1990101st Congress (1989-1990)
|Sponsor:||Rep. Stark, Fortney Pete [D-CA-9] (Introduced 05/15/1990)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/15/1990 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.4823 — 101st Congress (1989-1990)All Information (Except Text)
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Introduced in House
HR 4823 IH 101st CONGRESS 2d Session H. R. 4823 To amend the Internal Revenue Code of 1986 to deny certain tax benefits with respect to structures which do not meet earthquake standards. IN THE HOUSE OF REPRESENTATIVES May 15, 1990 Mr. STARK (for himself, Mr. FORD of Tennessee, Mr. DELLUMS, Ms. PELOSI, Mr. LANTOS, and Mr. ROYBAL) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to deny certain tax benefits with respect to structures which do not meet earthquake standards. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `National Earthquake Damage Prevention Act of 1990'. SEC. 2. DENIAL OF CERTAIN TAX BENEFITS WITH RESPECT TO STRUCTURES WHICH DO NOT MEET EARTHQUAKE STANDARDS. (a) IN GENERAL- Part IX of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items not deductible) is amended by adding at the end thereof the following new section: `SEC. 280I. DENIAL OF CERTAIN BENEFITS WITH RESPECT TO STRUCTURES WHICH DO NOT MEET EARTHQUAKE STANDARDS. `(a) DEPRECIATION- No depreciation deduction shall be allowable under section 167 with respect to any nonqualified structure. `(b) LEASES- No deduction shall be allowable under this chapter for rental and other payments under a lease of any portion of a nonqualified structure. `(c) INTEREST- No deduction shall be allowable under this chapter for interest on any indebtedness incurred or continued to acquire or construct any nonqualified structure. `(d) TAX-EXEMPT FINANCING- Nothing in section 103(a) or in any other provision of law shall be construed to provide an exemption from Federal income tax for interest on any bond issued as part of an issue if any portion of the proceeds of such issue is to be used to provide any nonqualified structure. `(e) NONQUALIFIED STRUCTURE- For purposes of this section-- `(1) IN GENERAL- The term `nonqualified structure' means any structure-- `(A) the construction of which commences after December 31, 1996, `(B) to which construction standards contained in the 1985 edition of the National Earthquake Hazards Reduction Program Recommended Provisions for the Development of Seismic Regulations for New Buildings issued by the Building Seismic Safety Council (or such subsequent edition of the recommended provisions as may be approved by the President) apply, and `(C) which is not constructed in accordance with such standards. `(2) ADDITIONS OR IMPROVEMENTS- Such term includes any structure the construction of which commences before January 1, 1997, if-- `(A) the construction of any addition or improvement to such structure commences after the later of December 31, 1996, or the date the structure is first placed in service, `(B) the construction standards referred to in paragraph (1)(B) apply to the construction of such addition or improvement, and `(C) such construction is not in accordance with such standards.' (b) CLERICAL AMENDMENT- The table of sections for such part IX is amended by adding at the end thereof the following new item: `Sec. 280I. Denial of certain benefits with respect to structures which do not meet earthquake standards.' (c) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years ending after December 31, 1996.