PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · May 27, 1999
Amends the Internal Revenue Code, with respect to the exclusion from a lessee's gross income of qualified construction allowances for short-term leases, to repeal the limitation of such exclusion to short-term leases (thus extending the exclusion to allowances under any lease of retail space). Revises the exclusion from gross income (safe harbor) for certain contributions to the capital of retailers. Extends such exclusion to any amount of money or other property received by the taxpayer if: (1) the taxpayer has entered into an agreement to operate (or cause to be operated) a qualified retail business at a particular location for a period of at least 15 years; (2) immediately after the receipt of such money or other property, the taxpayer owns (or uses such amount to acquire ownership of at least) the land the taxpayer will use in carrying on the business at that location; and (3) an amount equal to such amount is expended within two taxable years (expenditure rule) for the acquisition of land or for acquisition or construction of other property used in the trade or business which was the purpose motivating the contribution, and which is used predominantly in a qualified retail business at the location. Declares that the taxpayer shall be treated as owning the land if the taxpayer is the lessee of such land under a lease having a term of at least 30 years, and on which only nominal rent is required. Disallows any deduction or credit for, or by reason of, the expenditure which constitutes such a contribution to capital.
People & committees
Rep. Dunn, Jennifer [R-WA-8] · R–WA
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Analyze H.R.1986 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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