A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of residential ground rents, and for other purposes.

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jan 21, 1997

Amends the Internal Revenue Code to require qualified nonredeemable ground rents to be treated as interest on an indebtedness secured by a mortgage. Allows a credit for the transaction costs relating to any sale or exchange of land subject to ground rents and meeting specified requirements.

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People & committees

Who introduced it

Sen. Inouye, Daniel K. [D-HI] · D–HI

Committees

Finance Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jan 21, 1997
Read twice and referred to the Committee on Finance.
Jan 21, 1997
Sponsor introductory remarks on measure. (CR S495-496)
Jan 21, 1997
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Jan 21, 1997 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

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Neutral evidence review

Objective

Analyze S.117 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.

View full prompt & sources

Discuss S.117, 105th Congress: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of residential ground rents, and for other purposes.

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/117

Text version to examine: Introduced in Senate · 1997-01-21.

Official full text: https://www.congress.gov/105/bills/s117/BILLS-105s117is.htm

Imported record last updated by the source: 2025-01-14T19:08:18Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.117 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.

Fairness and public impact

Progressive lens

Examine S.117 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.117, 105th Congress: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of residential ground rents, and for other purposes.

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/117

Text version to examine: Introduced in Senate · 1997-01-21.

Official full text: https://www.congress.gov/105/bills/s117/BILLS-105s117is.htm

Imported record last updated by the source: 2025-01-14T19:08:18Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.117 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.117 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.117, 105th Congress: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of residential ground rents, and for other purposes.

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/117

Text version to examine: Introduced in Senate · 1997-01-21.

Official full text: https://www.congress.gov/105/bills/s117/BILLS-105s117is.htm

Imported record last updated by the source: 2025-01-14T19:08:18Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.117 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.117 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.117, 105th Congress: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of residential ground rents, and for other purposes.

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/117

Text version to examine: Introduced in Senate · 1997-01-21.

Official full text: https://www.congress.gov/105/bills/s117/BILLS-105s117is.htm

Imported record last updated by the source: 2025-01-14T19:08:18Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.117 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.