PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Nov 19, 1993
Amends the Internal Revenue Code to reduce the deduction for corporate interest payments by 20 percent. Excepts small corporations and farming businesses from such reduction. Allows corporations a deduction of 50 percent of the dividends paid during a taxable year. Limits such deduction to the amount in the qualified dividend account established by the corporation for the payment of such dividends. Prohibits the following corporations from using such deduction: (1) regulated investment companies; (2) real estate investment trusts; (3) an S corporation (certain small business corporations); (4) cooperative organizations; and (5) foreign sales corporations and domestic international sales corporations. Provides for an increase in the withholding tax on dividends paid to nonresident aliens or foreign corporations to reflect the dividend paid deduction. Requires, in the case of the acquisition of assets of a corporation by another corporation, that the acquiring corporation carryover the qualified dividend account.
People & committees
Sen. Simon, Paul [D-IL] · D–IL
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S16450-16451)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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