[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3231 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3231

    To amend the Internal Revenue Code of 1986 to permit tax-exempt 
            financing of certain transportation facilities.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 6, 1993

 Mr. Tucker (for himself, Ms. Roybal-Allard, Ms. Waters, Mr. Horn, Mr. 
   Becerra, and Ms. Harman) introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to permit tax-exempt 
            financing of certain transportation facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) subsection (c) 
of section 142 of the Internal Revenue Code of 1986 is amended--
            (1) by redesignating paragraph (2) as paragraph (3), and
            (2) by inserting after paragraph (1) the following new 
        paragraph:
            ``(2) Related transportation facilities.--
                    ``(A) In general.--Transportation facilities 
                (including trackage and rail facilities) used in 
                connection with the transport of cargo or passengers to 
                or from a facility described in paragraph (1) or (2) of 
                subsection (a) shall be treated as facilities described 
                in paragraph (1) or (2) but only so long as, during the 
                period that any tax-exempt private activity bond issued 
                to provide such facilities is outstanding, at least 80 
                percent of the use of such facilities (determined on an 
                annual basis) is in connection with the transport of 
                cargo or passengers to or from a facility described in 
                paragraph (1) or (2) of subsection (a).
                    ``(B) Governmental ownership requirement.--For 
                purposes of subparagraph (A) of subsection (b)(1), 
                facilities described in subparagraph (A) of this 
                paragraph leased by a governmental unit shall be 
                treated as owned by such governmental unit if the 
                requirements of clauses (i) and (iii) of subsection 
                (b)(1)(B) are satisfied. Rules similar to the rules of 
                the preceding sentence shall apply to management 
                contracts and similar types of operating or use 
                agreements.''
    (b) The amendment made by subsection (a) shall apply to obligations 
issued after the date of the enactment of this Act.

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