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  <bill>
    <number>61</number>
    <updateDate>2023-01-15T21:19:35Z</updateDate>
    <updateDateIncludingText>2023-01-15T21:19:35Z</updateDateIncludingText>
    <originChamber>House</originChamber>
    <originChamberCode>H</originChamberCode>
    <type>HR</type>
    <introducedDate>2003-01-07</introducedDate>
    <congress>108</congress>
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        <name>Ways and Means Committee</name>
        <chamber>House</chamber>
        <type>Standing</type>
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            <name>Referred to</name>
            <date>2003-01-07T17:01:35Z</date>
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      <item>
        <actionDate>2003-01-07</actionDate>
        <text>Referred to the House Committee on Ways and Means.</text>
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        <actionCode>H11100</actionCode>
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            <name>Ways and Means Committee</name>
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        <actionDate>2003-01-07</actionDate>
        <text>Introduced in House</text>
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        <actionDate>2003-01-07</actionDate>
        <text>Introduced in House</text>
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    <sponsors>
      <item>
        <bioguideId>E000092</bioguideId>
        <fullName>Rep. Ehlers, Vernon J. [R-MI-3]</fullName>
        <firstName>VERNON</firstName>
        <lastName>EHLERS</lastName>
        <party>R</party>
        <state>MI</state>
        <middleName>J.</middleName>
        <district>3</district>
        <isByRequest>N</isByRequest>
      </item>
    </sponsors>
    <policyArea>
      <name>Taxation</name>
    </policyArea>
    <subjects>
      <legislativeSubjects>
        <item>
          <name>Accounting</name>
        </item>
        <item>
          <name>Commerce</name>
        </item>
        <item>
          <name>Contracts</name>
        </item>
        <item>
          <name>Finance and Financial Sector</name>
        </item>
        <item>
          <name>Income tax</name>
        </item>
        <item>
          <name>Manufacturing industries</name>
        </item>
        <item>
          <name>Tax administration</name>
        </item>
      </legislativeSubjects>
      <policyArea>
        <name>Taxation</name>
      </policyArea>
    </subjects>
    <summaries>
      <summary>
        <versionCode>00</versionCode>
        <actionDate>2003-01-07</actionDate>
        <actionDesc>Introduced in House</actionDesc>
        <updateDate>2006-11-28T17:35:40Z</updateDate>
        <text><![CDATA[Amends the rules of the Internal Revenue Code concerning the required use of the percentage completion method of accounting for long-term contracts (Section 460) with respect to the special rule for manufacturing contracts to revise such special rule to require that a contract for the manufacture of property shall not be treated as a long-term contract unless: (1) such contract involves the manufacture of any unique item of a type which is not normally included in the finished goods inventory of the taxpayer or any item which normally requires more than 12 calendar months to complete (without regard to the period of the contract); and (2) any payment for the manufacture of such item is required to be made before the manufacture of such item is completed.]]></text>
      </summary>
    </summaries>
    <title>To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting shall be required to be used with respect to contracts for the manufacture of property if no payments are required to be made before the completion of the manufacture of such property.</title>
    <titles>
      <item>
        <titleType>Display Title</titleType>
        <title>To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting shall be required to be used with respect to contracts for the manufacture of property if no payments are required to be made before the completion of the manufacture of such property.</title>
      </item>
      <item>
        <titleType>Official Title as Introduced</titleType>
        <title>To amend the Internal Revenue Code of 1986 to provide that the percentage of completion method of accounting shall be required to be used with respect to contracts for the manufacture of property if no payments are required to be made before the completion of the manufacture of such property.</title>
        <billTextVersionName>Introduced in House</billTextVersionName>
        <billTextVersionCode>IH</billTextVersionCode>
      </item>
    </titles>
    <textVersions>
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        <type>Introduced in House</type>
        <date>2003-01-07T05:00:00Z</date>
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      </item>
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    <latestAction>
      <actionDate>2003-01-07</actionDate>
      <text>Referred to the House Committee on Ways and Means.</text>
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    <dc:language>EN</dc:language>
    <dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description>
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