Summary: H.R.5308 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5308. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/03/1992)

Amends the Internal Revenue Code to prohibit the activity of soliciting and receiving qualified sponsorship payments (payments received by tax-exempt organizations from corporations and other sponsors in connection with athletic and other public events) from being treated as a separate trade or business for purposes of the tax on unrelated business income of charitable, etc., organizations. Makes such prohibition applicable to sponsorship payments received before January 1, 1996, with respect any public event occurring before January 1, 1995.

Requires the Secretary to report to specified congressional committees on such tax treatment of sponsorship payments.