Text: H.R.4823 — 101st Congress (1989-1990)All Information (Except Text)

There is one version of the bill.

Text available as:

Shown Here:
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.

Share This Section