To amend the Internal Revenue Code of 1986 to provide that indebtedness incurred by a partnership in acquiring securities and commodities is not treated as acquisition indebtedness by organizations which are limited partners for purposes of the unrelated business income tax.
Latest action · Sep 7, 2007 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 7, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends Internal Revenue Code provisions relating to the tax on the unrelated business income of tax-exempt organizations to exempt from treatment as acquisition indebtedness (subject to the unrelated business income tax) indebtedness incurred or continued by a limited partnership in a partnership to purchase or carry certain securities or commodities.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Sep 7, 2007 to Nov 5, 2007, with 7 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Bill Pascrell, Jr. | Original | Sep 7, 2007 |
| D-MD | Chris Van Hollen | Original | Sep 7, 2007 |
| D-OR | Earl Blumenauer | Original | Sep 7, 2007 |
| D-ND | Earl Pomeroy | Original | Sep 7, 2007 |
| D-WA | Jim McDermott | Original | Sep 7, 2007 |
| D-GA | John Lewis | Original | Sep 7, 2007 |
| D-NV | Shelley Berkley | Original | Sep 7, 2007 |
| D-TX | Lloyd Doggett | Sep 10, 2007 | |
| D-IL | Rahm Emanuel | Sep 18, 2007 | |
| D-NY | Louise McIntosh Slaughter | Nov 5, 2007 |
Actions 2
Everything that happened, newest first.
- Sep 7, 2007Introduced in House
- Sep 7, 2007Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 7, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.