There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
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.