H.R.14683 - Municipal Bond Fund Act94th Congress (1975-1976)
|Sponsor:||Rep. Steiger, William A. [R-WI-6] (Introduced 07/01/1976)|
|Committees:||House - Ways and Means|
|Latest Action:||07/01/1976 Referred to House Committee on Ways and Means.|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.14683 — 94th Congress (1975-1976)All Bill Information (Except Text)
Introduced in House (07/01/1976)
Authorizes regulated investment companies, under the Internal Revenue Code, to pay exempt-interest dividends in an amount up to 90 percent of the excess of its tax-exempt interest without affecting its tax-exempt status.
Allows shareholders to treat such exempt-interest dividends as excludable from gross income.
Disallows that portion of the deduction for expenses and interest relating to tax-exempt income which the amount of such company's exempt-income bears to its gross income.