S. 2541 (97th): Small Issue Industrial Development Bond Reform Act of 1982

Introduced:
May 18, 1982 (97th Congress, 1981–1982)
Status:
Died (Referred to Committee)
See Instead:

H.R. 6693 (same title)
Referred to Committee — Jun 24, 1982

Sponsor
John Chafee
Senator from Rhode Island
Party
Republican
Related Bills
H.R. 6693 (identical)

Referred to Committee
Last Action: Jun 24, 1982

 
Status

This bill was introduced on May 18, 1982, in a previous session of Congress, but was not enacted.

Progress
Introduced May 18, 1982
Referred to Committee May 18, 1982
 
Full Title

A bill to amend Section 103 (b) (6) of the Internal Revenue Code of 1954 with respect to the exemption from the industrial development bond provisions for certain small issues.

Summary

No summaries available.

Cosponsors
14 cosponsors (8D, 6R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/18/1982--Introduced.
Small Issue Industrial Development Bond Reform Act of 1982 - Amends the Internal Revenue Code to disqualify industrial development bonds (IDBs) for the small issue tax exemption if a substantial amount of proceeds of such bonds is used to finance restaurants, certain office buildings, shopping centers, or entertainment or recreation facilities.
Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond.
Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year.
Increases to $15,000,000 the amount of industrial development bonds used for economically distressed areas which qualify as tax-exempt small issues.
Permits the financing of office buildings, restaurants, stores or shopping centers in such areas.
Specifies requirements relating to poverty for designation as a qualified distressed area.
Provides that capital research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption.
Suspends temporary Internal Revenue Service regulations which prohibit pooled issues of bonds for projects located in only one state with respect to bonds sold after August 23, 1981.
Sets forth transitional rules and effective dates.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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