Home > 107th Congressional Bills > H.R. 620 (ih) To amend the Elementary and Secondary Education Act of 1965 to establish the model school dropout prevention grant program and the national school dropout prevention grant program, and for other purposes. [Introduced in House] ...

H.R. 620 (ih) To amend the Elementary and Secondary Education Act of 1965 to establish the model school dropout prevention grant program and the national school dropout prevention grant program, and for other purposes. [Introduced in House] ...


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108th CONGRESS
  1st Session
                                 H. R. 61

    To amend the Internal Revenue Code of 1986 to provide that the 
 percentage of completion method of accounting shall be required to be 
 used with respect to contracts for the manufacture of property if no 
     payments are required to be made before the completion of the 
                     manufacture of such property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2003

  Mr. Ehlers 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 provide that the 
 percentage of completion method of accounting shall be required to be 
 used with respect to contracts for the manufacture of property if no 
     payments are required to be made before the completion of the 
                     manufacture of such property.

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

SECTION 1. EXCEPTION FROM PERCENTAGE OF COMPLETION METHOD FOR CERTAIN 
              MANUFACTURING CONTRACTS.

    (a) In General.--Paragraph (2) of section 460(f) of the Internal 
Revenue Code of 1986 (relating to special rule for manufacturing 
contracts) is amended by striking ``unless'' and all that follows and 
inserting ``unless--
                    ``(A) such contract involves the manufacture of--
                            ``(i) any unique item of a type which is 
                        not normally included in the finished goods 
                        inventory of the taxpayer, or
                            ``(ii) any item which normally requires 
                        more than 12 calendar months to complete 
                        (without regard to the period of the contract), 
                        and
                    ``(B) any payment for the manufacture of such item 
                is required to be made before the manufacture of such 
                item is completed.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to contracts entered into after the date of the enactment of this 
Act.
                                 <all>

Pages: 1

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