The text of the bill below is as of Feb 1, 1996 (Introduced). The bill was not enacted into law.
HR 2960 IH
104th CONGRESS
2d Session
H. R. 2960
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.
IN THE HOUSE OF REPRESENTATIVES
February 1, 1996
February 1, 1996
Mr. ZIMMER (for himself and Mr. BLUTE) 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 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. TREATMENT OF FEDERAL GRANTS IN CONNECTION WITH REVOLVING FUNDS ESTABLISHED IN ACCORDANCE WITH FEDERAL WATER POLLUTION CONTROL ACT.
(a) IN GENERAL- Subsection (b) of section 148 of the Internal Revenue Code of 1986 (relating to higher yielding investments) is amended by adding at the end the following new paragraph:
‘(4) CERTAIN FEDERAL GRANTS NOT TREATED AS INVESTMENT PROPERTY- In no event shall the term ‘investment property’ include any amount derived from any Federal grant made in connection with any revolving fund established in accordance with title VI of the Federal Water Pollution Control Act (or any subsequent reauthorization thereof).’
(b) EFFECTIVE DATE- The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.
