Description of Tax Bills (H.R. 3139, H.R. 3301, H.R. 4056, H.R. 4077, H.R. 4379, And H.R. 4595) : Scheduled for a Hearing Before the Subcommittee On Select Revenue Measures of the Committee On Ways And Means On May 19, 1986 Jcs-11-86

Cover Description of Tax Bills (H.R. 3139, H.R. 3301, H.R. 4056, H.R. 4077, H.R. 4379, And H.R. 4595) : Scheduled for a Hearing Before the Subcommittee On Select Revenue Measures of the Committee On Ways And Means On May 19, 1986 Jcs-11-86
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The bill also would provide that the creation of a reserve fund or the payment of closing costs for such a cooperative in connection with certain mortgage refinancings does not constitute income for the cooperative.
Further, the bill would provide that certain deductions claimed by certain cooperatives would be treated as paid by those coopera- tives.
II. DESCRIPTION OF THE BILLS 1. H.R. 3139— Mrs. Kennelly and others Exempt Certain Ernergency Medical Helicopter Transportation l^rom Air Transpo
...rtation Excise Taxes Present Law An excise tax of 8 percent is imposed on the payment for «Jr transportation of any person that begins and ends fn the United States (Code sec. 4261). The tax is paid by the person who pays for Ai^wryXfttu^n^d.^^^^"^ ^^^"^ '"^^ '^^ '^ -^« tL^^^oT/nd tra^nToorfifTn of^""^-^ 1' passenger tax apply for helicopter Sertain^^nin''j^''^-f ''^^'' ^^^^P^^^^' ^^ ^^PPlies in connection bg^^^^^^^ °" gas exploration and certain timber or nef he? tTlcpInff f ^^ exemptions apply only if the helicopter under thflroorf^d^ ^^"^n^'' ?

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