A bill to amend the Internal Revenue Code of 1986 to allow the use of completed contract method of accounting in the case of certain long-term naval vessel construction contracts.

Fact Sheet API

Bill Number

S 774

Introduced

Apr 3, 2003

Latest Action

Read twice and referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

Accounting Armed Forces and National Security Commerce Defense contracts Defense procurement Finance and Financial Sector Government Operations and Politics Income tax Shipbuilding Tax administration Taxation Transportation and Public Works Warships

Full Text

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Votes

Summary

Amends the Internal Revenue Code to permit a taxpayer who owns and operates a shipyard to elect to use the completed contract accounting method with respect to an qualified naval construction contract (more than 24 months in duration).

Actions

Apr 3, 2003

Read twice and referred to the Committee on Finance.
Apr 3, 2003

Sponsor introductory remarks on measure. (CR S4826)
Apr 3, 2003

Introduced in Senate

Amendments

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