Senate Bill 2942
116th Congress(2019-2020)
A bill to amend the Internal Revenue Code of 1986 to provide that certain contributions by government entities are treated as contributions to capital.
Introduced
Introduced in Senate on Nov 21, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2942
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
This bill amends the Internal Revenue Code to revise requirements for the tax exclusion for contributions to the capital of a corporation. Specifically, the bill allows an exclusion for certain amounts received by a regulated public utility that provides water or sewerage disposal services.
November 21, 2019
11/21/2019
Read twice and referred to the Committee on Finance.
11/21/2019
Introduced in Senate
Public Record
Record Updated
Oct 28, 2022 2:15:18 AM