Summary: S.155 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for S.155. Bill summaries are authored by CRS.

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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.