You might want to read the bill as well. You have previously stated that "used property" is any property on which tax has been paid. However, the bill in Section 2. Definitions (a)(16)defines USED PROPERTY to mean (A) property on which the tax has been collected AND "B) property that was held other than for a business purpose(as defined in section 102(b))on December 31, 2006."The new version of the bill specifically says "or," not "and." This is the only difference in this version of the bill.
The new version of the bill specifically says "or," not "and." This is the only difference in this version of the bill.
Good of you to notice that, That change to the language, by the way, came out of discussion on FR back around last April 24th, as to the ambiguous interpretations of that element of the bill.
I and I am sure others are assuring that AFT and Linder's office is being updated as to problematic language and issues with the Fair Tax Act as these FR debates continue.