[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1331 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                S. 1331

  To clarify the treatment of tax attributes under section 108 of the 
  Internal Revenue Code of 1986 for taxpayers which file consolidated 
                                returns.


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                   IN THE SENATE OF THE UNITED STATES

                             June 25, 2003

 Mr. Santorum (for himself, Mr. Conrad, and Mr. Breaux) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
  To clarify the treatment of tax attributes under section 108 of the 
  Internal Revenue Code of 1986 for taxpayers which file consolidated 
                                returns.

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

SECTION 1. CLARIFICATION OF THE TREATMENT OF TAX ATTRIBUTES.

    (a) In General.--Section 108(b) of the Internal Revenue Code of 
1986 (relating to reduction of tax attributes) is amended by adding at 
the end the following new paragraph:
                    ``(6) Affiliated groups.--If the taxpayer is a 
                member of an affiliated group of corporations which 
                files a consolidated return under section 1501, the tax 
                attributes described in paragraph (1) shall be the 
                aggregate tax attributes of such group. The Secretary 
                shall prescribe such regulations as may be necessary 
                under section 1502 to carry out the purposes of this 
                paragraph.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to discharges of indebtedness occurring after June 25, 2003, 
except that discharges of indebtedness under any plan of reorganization 
in a case under title 11, United States Code, shall be deemed to occur 
on the date such plan is confirmed.
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