H.R.12035 - An Act to suspend until the close of June 30, 1975, the duty on certain carboxymethyl cellulose salts, and for other purposes.93rd Congress (1973-1974)
|Sponsor:||Rep. Young, Andrew [D-GA-5] (Introduced 12/19/1973)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||H.Rept 93-994; S.Rept 93-1063; H.Rept 93-1405|
|Latest Action:||10/26/1974 Public law 93-483. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.12035 — 93rd Congress (1973-1974)All Information (Except Text)
Public Law No: 93-483 (10/26/1974)
Suspends until the close of June 30, 1975, the duty on specified carboxymethyl cellulose sodium salts.
Revises the Internal Revenue Code by extending the time allowed charitable remainder trusts to conform to the requirements of the Tax Reform Act for purposes of an estate tax deduction.
Revises the Internal Revenue Code by allowing writers of lease guarantee insurance and insurance guaranteeing the debt service of municipal bond issues to deduct additions to their contingency reserves in accordance with the treatment of such additions currently provided for mortgage guaranty insurance.
Excludes from gross income, under the Internal Revenue Code, funds received under the Armed Forces health professions scholarship program.
Allows penalties incurred from premature withdrawal of funds from time certificate savings accounts to be deducted in calculating gross income under the Internal Revenue Code.