Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Tax Changes Affecting Installment Sales (CRS Report for Congress)

Premium   Purchase PDF for $24.95 (5 pages)
add to cart or subscribe for unlimited access
Release Date Jan. 15, 2002
Report Number RS20432
Report Type Report
Authors Gregg A. Esenwein, Government and Finance Division
Source Agency Congressional Research Service
Summary:

On December 17, 1999, President Clinton signed the Work Incentives Improvement Act of 1999 (H.R. 1180; P.L. 106-170). This Act contained revenue provisions extending several popular tax benefits such as the work opportunity tax credit, the welfare to work tax credit, and the applicability of the nonrefundable personal tax credits to the individual alternative minimum tax. To pay for the extension of these tax benefits the Act also included several tax changes that increased revenue. Among these revenue offset provisions was a modification and limitation on the use of the installment method of reporting asset sales for taxpayers who normally use the accrual method of accounting.