S. 752Senate108th Congress (2003-2005)In Committee

A bill to amend the Internal Revenue Code of 1986 to treat distributions from publicly traded partnerships as qualifying income of regulated investment companies, and for other purposes.

Introduced April 1, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

April 1, 2003

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SenateIntro Referral

Introduced in Senate

April 1, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4635)

April 1, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

April 1, 2003

Floor Debate

12 members

What members said about S. 752 on the floor

6 Republicans6 Democrats
Max Baucus
Sen. Max BaucusD-MT · Apr 1, 2003

Mr. President, today, I am re-introducing the American Indian Welfare Reform Act, an important step in improving the lives of this country's Native Americans. I originally introduced this bill last…

Mike DeWine
Sen. Mike DeWineR-OH · Apr 1, 2003

Today, Mr. President, violent conflicts and other global threats and humanitarian concerns extend across many parts of our world. We are at war with Iraq. North Korea possesses nuclear weapons.…

John McCain
Sen. John McCainR-AZ · Apr 1, 2003

Mr. President, I rise today to introduce an important piece of legislation, which will have a tremendous impact on the lives of blind people throughout the country. In 1996, with the passage of the…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Apr 1, 2003

Mr. President, I rise today with my colleague from Connecticut, Senator Lieberman, to introduce a bill that will promote the expanded use of an environmentally sound and efficient energy…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Apr 1, 2003

Mr. President, I rise today with my colleague from Arizona, Senator John McCain, to reintroduce legislation that we've sponsored in the past, the ``Blind Empowerment Act of 2003.'' This legislation…

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Richard J. Durbin
Sen. Richard J. DurbinD-IL · Apr 1, 2003

Mr. President, I rise today to introduce the Residential, Farm, Ranch and Small Business Energy Systems Act of 2003, also known as the Small Wind Energy Systems Act. I am honored to be joined by…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Apr 1, 2003

Mr. President, today, I am introducing the Votes for Women's History Trail Act today in honor of Women's History Month. I recognize that this is a very difficult time in the history of our country.…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Apr 1, 2003

Mr. President, I rise today to introduce the Clean Diamond Trade Act. Technically, this act will implement a certification process for imports of rough diamonds. But, as many of you know, this bill…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Apr 1, 2003

Mr. President, I am pleased to introduce a bill with Senator Bingaman that takes an important step toward modernizing the Internal Revenue Code. Decades ago, investment companies which manage mutual…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Apr 1, 2003

Mr. President, I am pleased to introduce a bill with Senator Bingaman that takes an important step toward modernizing the Internal Revenue Code. Decades ago, investment companies which manage mutual…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Apr 1, 2003

Mr. President, I rise today to introduce the Tax Court Modernization Act. I am joined in this legislation by my colleague Senator Breaux, and by the Chairman and Ranking Democrat of the Finance…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Apr 1, 2003

Mr. President, I rise today to introduce a bill, with Senator Olympia Snowe, to encourage the use of fuel cells, a clean and cutting-edge energy technology. Specifically, the bill would give…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 1, 2003

Mr. President, I rise today with my colleague from Texas, Senator Hutchison to introduce legislation that will allow publicly traded partnerships to sell their stock to mutual funds so they can raise…

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Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 1, 2003

Mr. President, I rise today with my colleague from Texas, Senator Hutchison to introduce legislation that will allow publicly traded partnerships to sell their stock to mutual funds so they can raise…

Bill Text

Latest available legislative text

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Introduced in SenateIssued April 1, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 752 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 752

To amend the Internal Revenue Code of 1986 to treat distributions from
publicly traded partnerships as qualifying income of regulated
investment companies, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 1, 2003

Mr. Bingaman (for himself and Mrs. Hutchison) introduced the following
bill; which was read twice and referred to the Committee on
FinanceYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to treat distributions from
publicly traded partnerships as qualifying income of regulated
investment companies, and for other purposes.

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

SECTION 1. DISTRIBUTIONS FROM PUBLICLY TRADED PARTNERSHIPS TREATED AS
QUALIFYING INCOME OF REGULATED INVESTMENT COMPANIES.

(a) In General.--Paragraph (2) of section 851(b) of the Internal
Revenue Code of 1986 (defining regulated investment company) is amended
by inserting ``distributions or other income derived from an interest
in a publicly traded partnership (as defined in section 7704(b)),''
after ``dividends, interest,''.
(b) Source Flow-Through Rule Not To Apply.--The last sentence of
section 851(b) of such Code is amended by inserting ``(other than a
publicly traded partnership (as defined in section 7704(b)))'' after
``derived from a partnership''.

SEC. 2. SPECIAL PASSIVE ACTIVITY RULE FOR PUBLICLY TRADED PARTNERSHIPS
TO APPLY TO REGULATED INVESTMENT COMPANIES.

Subsection (k) of section 469 of the Internal Revenue Code of 1986
(relating to separate application of section in case of publicly traded
partnerships) is amended by adding at the end the following new
paragraph:
``(4) Application to regulated investment companies.--For
purposes of this section, a regulated investment company (as
defined in section 851) holding an interest in a publicly
traded partnership shall be treated as a taxpayer described in
subsection (a)(2) with respect to items attributable to such
interest.''

SEC. 3. EFFECTIVE DATE.

The amendments made by this Act shall apply to taxable years
beginning after the date of the enactment of this Act.
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