🚀 go-pugleaf

I know there was discussion of the following bill a while back but now that we
have a new administration going into D.C. perhaps it can be revived. If you
think so too, then by all means write your representatives and the new pres.

102D CONGRESS         H.R. 4418
   2D SESSION

To ammend the Internal Revenue Code of 1986 to restore the prior law
exclusion for scholarships and fellowships.

   IN THE HOUSE OF REPRESENTATIVES

                   MARCH 10, 1992

Mr. Lewis of Florida 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 restore the prior law
 exclusion for scholarships and fellowships.

1  Be it enacted by the Senate and House of Representa
2 tives of the United States of America in Congress assembled,
3 SECTION 1. RESTORATION OF PRIOR LAW EXCLUSION FOR
4             SCHOLARSHIPS AND FELLOWSHIPS.
5     (a) IN GENERAL.--Section 123 of the Tax Reform
6 Act of 1986 (relating to scholarships), and the amend-
7 ments made by such section, are hereby repealed; and the
8 Internal Revenue Code of 1986 shall be applied and ad-
9 ministered as if such section, and amendments, had never
10 been enacted.
                            2
1     (b) EFFECTIVE DATE.--Subsection (a) shall apply to
2 taxable years beginning after December 31, 1986.
3 SEC. 2. WAIVER OF STATUTE OF LIMITATIONS.
4      If refund or credit of any overpayment of tax result-
5 ing from the application of section 1 is prevented at any
6 time before the close of the 1-year period beginning on
7 the date of the enactment of this Act by the operation
8 of any law or rule of law (including res judicata), refund
9 or credit of such overpayment (to the extent attributable
10 to the application of section 1) may, nevertheless, be made
11 or allowed if claim therefor is filed before the close of such
12 1-year period.


thomas mckibben 2   university of illinois at chicago dept. of physics
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BITNET: MCKIBBEN@UICPHY or U51773@UICVM
Internet: u51773@uicvm.uic.edu or tommck@aol.com
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Always state the obvious............................