H.R. 3533 · 109th Congress
To amend the Internal Revenue Code of 1986 to provide that net operating losses shall not be reduced in…
Full title
To amend the Internal Revenue Code of 1986 to provide that net operating losses shall not be reduced in connection with a discharge of indebtedness in certain chapter 11 bankruptcy cases involving asbestos-related claims.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CampSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to permit taxpayers in chapter 11 bankruptcy proceedings initiated before July 28, 2005, who have asbestos-related liabilities exceeding $250 million, to elect not to reduce their net operating losses by amounts discharged in such proceedings.
What it does: CRS summary · Introduced in House · Jul 28, 2005
Amends the Internal Revenue Code to permit taxpayers in chapter 11 bankruptcy proceedings initiated before July 28, 2005, who have asbestos-related liabilities exceeding $250 million, to elect not to reduce their net operating losses by amounts discharged in such proceedings.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to provide that net operating losses shall not be reduced in connection with a discharge of indebtedness in certain chapter 11 bankruptcy cases involving asbestos-related claims.
Latest action (Aug 4, 2005): Referred to the Subcommittee on Trade.
Policy area: Taxation · Origin: House · Introduced: Jul 28, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.