HR 1594

112th CONGRESS
1st Session

H. R. 1594

To amend the Internal Revenue Code of 1986 to clarify that installment sales treatment shall not fail to apply to property acquired for conservation purposes by a State or local government or certain tax-exempt organizations merely because purchase funds are held in a sinking or similar fund pursuant to State law.

IN THE HOUSE OF REPRESENTATIVES

April 15, 2011

Mr. BISHOP of New York (for himself and Mr. HANNA) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to clarify that installment sales treatment shall not fail to apply to property acquired for conservation purposes by a State or local government or certain tax-exempt organizations merely because purchase funds are held in a sinking or similar fund pursuant to State law.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS.

SEC. 3. USE OF SINKING FUND BY STATE OR LOCAL GOVERNMENT NOT TO PREVENT INSTALLMENT SALES TREATMENT.

END