S.2818 - A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of mutual or cooperative electric and telephone companies.96th Congress (1979-1980)
|Sponsor:||Sen. Talmadge, Herman E. [D-GA] (Introduced 06/11/1980)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/11/1980 Referred to Senate Committee on Finance. (All Actions)|
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Summary: S.2818 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in Senate (06/11/1980)
Amends the Internal Revenue Code to provide that any income received or accrued by a tax-exempt mutual or cooperative electric or telephone company from qualified pole rentals, or by a cooperative telephone company from the sale of display listings in a directory furnished to company members, shall not be treated as unrelated business income subject to tax.
Defines qualified pole rental as any rental of a pole (or other structure used to support wires) if: (1) such pole or structure is used by the telephone or electric company in providing telephone or electric services to its members; and (2) the use of such pole or structure pursuant to the rental is in connection with the transmission by wire of electricity or of telephone or other communications.