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H.R. 928 (103rd): To amend the Internal Revenue Code of 1986 to provide a full exemption from the volume cap on private activity bonds for bonds used to finance high-speed intercity rail facilities.

The text of the bill below is as of Feb 17, 1993 (Introduced).


HR 928 IH

103d CONGRESS

1st Session

H. R. 928

To amend the Internal Revenue Code of 1986 to provide a full exemption from the volume cap on private activity bonds for bonds used to finance high-speed intercity rail facilities.

IN THE HOUSE OF REPRESENTATIVES

February 17, 1993

Mr. COYNE 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 a full exemption from the volume cap on private activity bonds for bonds used to finance high-speed intercity rail facilities.

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

SECTION 1. BONDS FOR HIGH-SPEED INTERCITY RAIL FACILITIES FULLY EXEMPT FROM VOLUME CAP.

    (a) IN GENERAL- Paragraph (4) of section 146(g) of the Internal Revenue Code of 1986 (relating to exception for certain bonds) is amended by striking ‘75 percent of’.

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