Union Calendar No. 175
104TH CONGRESS
1ST SESSION
H. R. 2494
[Report No. 104–324]
A BILL
To amend the Internal Revenue Code of 1986 to
provide for the treatment of bad debt reserves of
savings associations which are required to con-
vert into banks, and for other purposes.
NOVEMBER 7, 1995
Reported with an amendment, committed to the Commit-
tee of the Whole House on the State of the Union, and
ordered to be printed
IB
Union Calendar No. 175
104TH CONGRESS
1ST SESSION
H. R. 2494
[Report No. 104–324]
To amend the Internal Revenue Code of 1986 to provide for the treatment
of bad debt reserves of savings associations which are required to convert
into banks, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 18, 1995
Mr. ARCHER (for himself, Mr. LEACH, and Mrs. ROUKEMA) introduced the
following bill; which was referred to the Committee on Ways and Means
NOVEMBER 7, 1995
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on October 18, 1995]
A BILL
To amend the Internal Revenue Code of 1986 to provide
for the treatment of bad debt reserves of savings associa-
tions which are required to convert into banks, and for
other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Thrift Charter Conver-
sion Tax Act of 1995’’.
SEC. 2. TREATMENT OF RESERVES FOR BAD DEBTS OF SAV-
INGS ASSOCIATIONS WHICH ARE REQUIRED
TO CONVERT INTO BANKS.
(a) IN GENERAL.—Section 593 of the Internal Revenue
Code of 1986 (relating to reserves for losses on loans) is
hereby repealed.
(b) CONFORMING AMENDMENTS.—
(1) Subsection (d) of section 50 of such Code is
amended by adding at the end the following new sen-
tence:
‘‘Paragraphs (1)(A), (2)(A), and (4) of the section 46(e) re-
ferred to in paragraph (1) of this subsection shall not apply
to any taxable year beginning after December 31, 1995.’’
(2) Subsection (e) of section 52 of such Code is
amended by striking paragraph (1) and by redesig-
nating paragraphs (2) and (3) as paragraphs (1) and
(2), respectively.
(3) Subsection (a) of section 57 of such Code is
amended by striking paragraph (4).
(4) Section 246 of such Code is amended by
striking subsection (f).
(5) Clause (i) of section 291(e)(1)(B) of such
Code is amended by striking ‘‘or to which section 593
applies’’.
(6) Subparagraph (A) of section 585(a)(2) of
such Code is amended by striking ‘‘other than an or-
ganization to which section 593 applies’’.
(7) Section 595 of such Code is hereby repealed.
(8) Section 596 of such Code is hereby repealed.
(9) Subsection (a) of section 860E of such Code
is amended—
(A) by striking ‘‘Except as provided in
paragraph (2), the’’ in paragraph (1) and in-
serting ‘‘The’’,
(B) by striking paragraphs (2) and (4) and
redesignating paragraphs (3) and (5) as para-
graphs (2) and (3), respectively, and
(C) by striking in paragraph (2) (as so re-
designated) all that follows ‘‘subsection’’ and in-
serting a period.
(10) Paragraph (3) of section 992(d) of such
Code is amended by striking ‘‘or 593’’.
(11) Section 1038 of such Code is amended by
striking subsection (f).
(12) Clause (ii) of section 1042(c)(4)(B) of such
Code is amended by striking ‘‘or 593’’.