Amends the Internal Revenue Code to provide that a loan guarantee by the North American Development Bank (NADBank) shall not be treated as a Federal guarantee for purposes of the tax exclusion for interest on State and local bonds.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1771 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 1771
To amend the Internal Revenue Code of 1986 to clarify that a NADBank
guarantee is not considered a Federal guarantee for purposes of
determining the tax-exempt status of bonds.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 21, 2005
Mr. Gonzalez (for himself, Mr. Hinojosa, Mr. Cuellar, Mr. Ortiz, Mr.
Reyes, and Mr. Doggett) 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 clarify that a NADBank
guarantee is not considered a Federal guarantee for purposes of
determining the tax-exempt status of bonds.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CERTAIN GUARANTEES NOT CONSIDERED FEDERAL GUARANTEES FOR
PURPOSES OF DETERMINING TAX-EXEMPT STATUS OF BONDS.
(a) In General.--Section 149(b)(3)(A)(i) of the Internal Revenue
Code of 1986 (relating to certain insurance programs) is amended by
inserting ``the North American Development Bank,'' after
``Corporation,''.
(b) Effective Date.--The amendment made by this section shall apply
with respect to any bond issued before, on, or after the date of the
enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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