[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3052 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3052

 To amend the Internal Revenue Code of 1986 to repeal the exception to 
the treatment of consolidated groups under the personal holding company 
                                 rules.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 2011

 Mr. Larsen of Washington (for himself, Mrs. McMorris Rodgers, and Mr. 
   Hastings of Washington) 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 repeal the exception to 
the treatment of consolidated groups under the personal holding company 
                                 rules.

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

SECTION 1. REPEAL OF EXCEPTION TO TREATMENT AS CONSOLIDATED GROUP UNDER 
              PERSONAL HOLDING COMPANY RULES.

    (a) In General.--Subsection (b) of section 542 of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking paragraphs (2) and (4), and
            (2) by redesignating paragraphs (3) and (5) as paragraphs 
        (2) and (3), respectively.
    (b) Conforming Amendments.--
            (1) Paragraph (1) of section 542(b) of such Code is amended 
        by striking ``paragraphs (2) and (3)'' and inserting 
        ``paragraph (2)''.
            (2) Clause (ii) of section 1504(c)(2)(B) of such Code is 
        amended by striking ``section 542(b)(5)'' and inserting 
        ``section 542(b)(3)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning on or after the date of the enactment 
of this Act.
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