A bill to amend the Internal Revenue Code of 1986 to allow the use of completed contract method of accounting in the case of certain long-term naval vessel construction contracts.
Last action on Apr 3, 2003Read twice and referred to the Committee on Finance.
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Summary
Amends the Internal Revenue Code to permit a taxpayer who owns and operates a shipyard to elect to use the completed contract accounting method with respect to an qualified naval construction contract (more than 24 months in duration).
Lifecycle of the Bill
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