Summary: S.3008 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for S.3008. Bill summaries are authored by CRS.

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Introduced in Senate (08/01/1980)

Amends the Internal Revenue Code to make the investment tax credit for railroad property refundable. Requires each person receiving such refund to establish a separate account for amounts so received. Limits withdrawal from such account except to pay for: (1) acquisition of railroad property; (2) normal maintenance, rehabilitation, or capital improvements in connection with railroad property; or (3) assessments of the railroad retirement tax on employers.

Directs the Secretary of the Treasury to cover for lost revenues due to such refunds out of crude oil windfall profit tax receipts.