To amend the Internal Revenue Code of 1986 to clarify that certain settlement funds established under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 are beneficially owned by the United States and are not subject to tax.
Last action on Dec 20, 2001Sponsor introductory remarks on measure. (CR E2346-2347)
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Summary
Amends the Internal Revenue Code to exempt from tax certain settlement funds established under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.
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