A bill relating to the tax treatment for purposes of the personal holding company tax of the interest received by securities brokers and dealers in connection with matched repurchase arrangements.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income, for purposes of the personal holding company tax, interest received in connection with a qualified matched repurchase arrangement by securities brokers and dealers. Defines "qualified matched repurchase arrangement" as an arrangement pursuant to which: (1) the customer sells an obligation to a broker and agrees to repurchase it on demand; (2) the broker sells such obligation to a bank and agrees to repurchase it; and (3) the interest paid by the broker to the bank is 90 percent or more of the interest paid by the customer to the broker.…