Senate Roll Call 496

97th Congress · 1981-12-16

H.R. 4717: TO TABLE THE MELCHER AMENDMENT TO H.R. 4717, A BILL AMENDING THE EFFECTIVE DATE PROVISION OF SECTION 402 (B)(3) OF THE WINDFALL PROFIT TAX ACT OF 1980 TO FURTHER DEFER THE EFFECTIVE DATE OF CERTAIN PROVISIONS PROVIDING FOR THE RECOGNITION AS INCOME OF LIFO INVENTORY AMOUNTS. THE MELCHER AMENDMENT PLACES A LIMIT ON THE AMOUNT OF INTEREST THAT CAN BE IMPUTED BY THE INTERNAL REVENUE SERVICE UNDER SECTION 483 OF THE CODE ON CERTAIN QUALIFIED PROPERTY. (MOTION PASSED)