HR 5308 · 96th Congress · Finance and Financial Sector
A bill to amend the Internal Revenue Code of 1954 to provide for the tax treatment of interest on certain time deposit certificates having a maturity of 1 year or less.
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1979-09-17)
Plain Language Summary
[AI summary unavailable — showing source text]
Amends the Internal Revenue Code to provide that interest earned on a nonnegotiable time deposit certificate which has a maturity of one year or less will not be treated as received or accrued until the earlier of its maturity date or the date on which it is redeemed. Excludes such certificates from classification as a discount instrument of indebtedness.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (20)
8 Democrats12 Republicans