A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code.

3.0.0 1910 2023-01-11T20:36:36Z 2023-01-11T20:36:36Z Senate S S 2007-08-01 110 ssfi00 Finance Committee Senate Standing Referred to 2007-08-01T13:58:43Z 2007-08-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-08-01 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2007-08-01 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-08-01 True K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2007-08-01 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2007-08-02 False C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2007-12-05 False 2007-12-11 W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2007-12-05 False 2007-12-11 Taxation Bonds Economics and Public Finance Environmental Protection Federal aid to water pollution control Finance and Financial Sector Income tax Potable water Revolving funds Tax exemption Water Resources Development Taxation

00 2007-08-01 Introduced in Senate 2007-09-26T21:40:25Z Amends the Internal Revenue Code to exclude any amount derived from an investment of federal grant or related state matching amounts made in connection with any revolving fund established under the Federal Water Pollution Control Act or the Safe Drinking Water Act from a determination of whether a bond is an arbitrage bond (thus allowing states to retain arbitrage earnings from state revolving loan funds).

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A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code. Introduced in Senate IS Display Title A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code. Introduced in Senate 2007-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1910is/xml/BILLS-110s1910is.xml 2007-08-01 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.