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H.R. 2960 (104th): To amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants in connection with revolving funds established in accordance with the Federal Water Pollution Control Act will not be treated as investment property for purposes of section 148 of such Code.


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 1, 1996.


Amends the Internal Revenue Code to exclude amounts derived from Federal grants made in connection with a revolving fund established in accordance with the Federal Water Pollution Control Act from characterization as higher yielding investments.