< Back to H.R. 731 (105th Congress, 1997–1998)

Text of To amend the Internal Revenue Code of 1986 to permit the interest on water, waste, and essential community facilities loans ...

...community facilities loans guaranteed by the Secretary of Agriculture to be tax-exempt.

This bill was introduced on February 12, 1997, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 12, 1997 (Introduced).

Source: GPO

HR 731 IH

105th CONGRESS

1st Session

H. R. 731

To amend the Internal Revenue Code of 1986 to permit the interest on water, waste, and essential community facilities loans guaranteed by the Secretary of Agriculture to be tax-exempt.

IN THE HOUSE OF REPRESENTATIVES

February 12, 1997

Mr. POSHARD (for himself and Mr. GOODE) 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 the interest on water, waste, and essential community facilities loans guaranteed by the Secretary of Agriculture to be tax-exempt.

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

SECTION 1. WATER, WASTE, AND ESSENTIAL COMMUNITY FACILITIES LOANS GUARANTEED BY SECRETARY OF AGRICULTURE TO BE TAX-EXEMPT.

    (a) IN GENERAL- Paragraph (3) of section 149(b) of the Internal Revenue Code of 1986 (relating to federally guaranteed bond is not tax exempt) is amended by adding at the end the following new subparagraph:

        ‘(E) EXCEPTION FOR WATER, WASTE, AND ESSENTIAL COMMUNITY FACILITIES LOANS GUARANTEED BY SECRETARY OF AGRICULTURE- A bond issued for a purpose described in paragraph (1) of section 306(a) of the Consolidated Farm and Rural Development Act (as in effect on the date of the enactment of this subparagraph) shall not be treated as federally guaranteed by reason of any guarantee by the Secretary of Agriculture under section 309(h) of such Act.’

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