H.R. 3231 (103rd): To amend the Internal Revenue Code of 1986 to permit tax-exempt financing of certain transportation facilities.

103rd Congress, 1993–1994. Text as of Oct 06, 1993 (Introduced).

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HR 3231 IH

103d CONGRESS

1st Session

H. R. 3231

To amend the Internal Revenue Code of 1986 to permit tax-exempt financing of certain transportation facilities.

IN THE HOUSE OF REPRESENTATIVES

October 6, 1993

Mr. TUCKER (for himself, Ms. ROYBAL-ALLARD, Ms. WATERS, Mr. HORN, Mr. BECERRA, and Ms. HARMAN) 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 permit tax-exempt financing of certain transportation facilities.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) subsection (c) of section 142 of the Internal Revenue Code of 1986 is amended--

      (1) by redesignating paragraph (2) as paragraph (3), and

      (2) by inserting after paragraph (1) the following new paragraph:

      ‘(2) RELATED TRANSPORTATION FACILITIES-

        ‘(A) IN GENERAL- Transportation facilities (including trackage and rail facilities) used in connection with the transport of cargo or passengers to or from a facility described in paragraph (1) or (2) of subsection (a) shall be treated as facilities described in paragraph (1) or (2) but only so long as, during the period that any tax-exempt private activity bond issued to provide such facilities is outstanding, at least 80 percent of the use of such facilities (determined on an annual basis) is in connection with the transport of cargo or passengers to or from a facility described in paragraph (1) or (2) of subsection (a).

        ‘(B) GOVERNMENTAL OWNERSHIP REQUIREMENT- For purposes of subparagraph (A) of subsection (b)(1), facilities described in subparagraph (A) of this paragraph leased by a governmental unit shall be treated as owned by such governmental unit if the requirements of clauses (i) and (iii) of subsection (b)(1)(B) are satisfied. Rules similar to the rules of the preceding sentence shall apply to management contracts and similar types of operating or use agreements.’

    (b) The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act.