S 2707 · 97th Congress · Taxation

A bill to amend section 474 of the Internal Revenue Code of 1954 to provide that small businesses with average annual gross receipts not in excess of $10,000,000 may elect to use one inventory pool.

Introduced 1982-06-30· Sponsored by Sen. Percy, Charles H. [R-IL]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Committee on Finance requested executive comment from OMB; Treasury Department.(1982-07-06)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase from $2,000,000 to $10,000,000 the average annual gross receipts for small businesses which elect to use one inventory pool for income tax accounting purposes.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Sen. Riegle, Donald W., Jr. [D-MI]MI