S.155 - A bill to amend the Internal Revenue Code of 1986 with respect to the treatment of certain amounts received by a cooperative telephone company.103rd Congress (1993-1994)
|Sponsor:||Sen. Daschle, Thomas A. [D-SD] (Introduced 01/21/1993)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/21/1993 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.155 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in Senate (01/21/1993)
Amends the Internal Revenue Code with respect to the tax-exempt status of a cooperative telephone company to provide for the tax treatment of income received from a nonmember telephone company for services by the cooperative which are indirectly paid for by members of the cooperative. Includes billing and collection services for a nonmember telephone company under such treatment.
Provides for the tax treatment of account reserve income that does not exceed a specified percentage of the company's total income. Subjects a portion of such investment income to unrelated business income tax.