To amend the Internal Revenue Code of 1986 to provide that the volume cap for private activity bonds shall not apply to bonds for water and sewage facilities.

Amends the Internal Revenue Code to exempt water and sewage facility bonds from the volume cap on private activity bonds.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2207 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2207

 To amend the Internal Revenue Code of 1986 to provide that the volume 
 cap for private activity bonds shall not apply to bonds for water and 
                           sewage facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 14, 2001

 Mrs. Thurman 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 the volume 
 cap for private activity bonds shall not apply to bonds for water and 
                           sewage facilities.

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

SECTION 1. BONDS FOR WATER AND SEWAGE FACILITIES EXEMPT FROM VOLUME CAP 
              ON PRIVATE ACTIVITY BONDS.

    (a) In General.--Paragraph (3) of section 146(g) of the Internal 
Revenue Code of 1986 (relating to exception for certain bonds) is 
amended--
            (1) by inserting ``(4), (5),'' after ``(2),'', and
            (2) by inserting ``facilities for the furnishing of water, 
        sewage facilities,'' after ``wharves,''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.
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