3.0.0 146 2023-01-11T13:21:04Z 2023-01-11T13:21:04Z House H HR 2011-01-05 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. OWENS:H.R. 146.Congress has the power to enact this legislation pursuantto the following:Article I, Sections 7 and 8, of the United StatesConstitution.[Page H46]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-01-05T17:13:00Z A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds. 112 1909 S 2011-11-18 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833) Related bill CRS 2011-01-05 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-01-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-01-05 Introduced in House IntroReferral 1000 9 Library of Congress O000169 Rep. Owens, William L. [D-NY-23] William Owens D NY L. 23 N Economics and Public Finance Budget deficits and national debt Income tax exclusion Interest, dividends, interest rates Securities U.S. and foreign investments Economics and Public Finance 00 2011-01-05 Introduced in House 2012-02-21T15:22:05Z War on Debt Act of 2011 - Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "War on Debt Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.

Sets the maturity and redemption date of a War on Debt Bond at 50 years from the date of issue. Requires certain annual principal and interest payments, which shall not be includible in gross income under the Internal Revenue Code.

Allows redemption of such a Bond before 50 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit exceeds 3% of gross domestic product (GDP), or (2) the public debt exceeds 10% of GDP.

Limits the holding of a War on Debt Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.

]]> War on Debt Act of 2011 Display Title War on Debt Act of 2011 Official Title as Introduced To amend title 31, United States Code, to provide for the issuance of War on Debt Bonds. Introduced in House IH Short Titles as Introduced War on Debt Act of 2011 Introduced in House 2011-01-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr146ih/xml/BILLS-112hr146ih.xml 2011-01-05 Referred to the House Committee on Ways and Means. 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.