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.
Last action on Aug 4, 2005Referred to the Subcommittee on Trade.
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Summary
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.
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