[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1054 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1054

    To amend the Internal Revenue Code of 1986 to provide that the 
   corporate income tax shall apply to certain Government-sponsored 
                              enterprises.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 24, 1995

  Mr. Stark 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 provide that the 
   corporate income tax shall apply to certain Government-sponsored 
                              enterprises.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. APPLICATION OF CORPORATE INCOME TAX TO CERTAIN GOVERNMENT-
              SPONSORED ENTERPRISES.

    (a) In General.--Section 11 of the Internal Revenue Code of 1986 
(relating to tax imposed on corporations) is amended by adding at the 
end the following new subsection:
    ``(e) Application of Tax to Certain Government-Sponsored 
Enterprises.--
            ``(1) In general.--In the case of a specified Government-
        sponsored enterprise, the taxes imposed by subsection (a) and 
        section 55 plus a surtax of 10 percent of such taxes shall 
        apply for the taxable year unless the requirements of paragraph 
        (2) are met for such year.
            ``(2) Requirements.--
                    ``(A) In general.--A specified Government-sponsored 
                enterprise meets the requirements of this paragraph for 
                any taxable year if--
                            ``(i) not later than the time prescribed 
                        for filing the return of tax (determined 
                        without regard to extensions) for such taxable 
                        year, such enterprise makes a payment in lieu 
                        of taxes to the District of Columbia of not 
                        less than 5 percent of such enterprise's 
                        taxable income (determined without regard to 
                        such payment) for such taxable year,
                            ``(ii) the headquarters of such enterprise 
                        is located in the District of Columbia 
                        throughout the taxable year, and
                            ``(iii) the number of employees employed by 
                        such enterprise in the District of Columbia is 
                        not substantially less than such number as of 
                        December 31, 1994.
                    ``(B) Phasein of requirement.--In the case of the 
                first taxable year beginning after the date of the 
                enactment of this subsection, subparagraph (A)(i) shall 
                be applied by substituting `2.5 percent' for `5 
                percent'.
            ``(3) Specified government-sponsored enterprise.--For 
        purposes of this subsection, the term `specified Government-
        sponsored enterprise' means the Federal National Mortgage 
        Association, the Federal Home Loan Mortgage Corporation, and 
        the Student Loan Marketing Association.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>