[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3369 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3369

  To amend the Internal Revenue Code of 1986 to exempt certain Small 
Business Administration financing from the provisions of section 514 of 
                               such Code.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 26, 1993

  Mr. Rangel 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 exempt certain Small 
Business Administration financing from the provisions of section 514 of 
                               such Code.

    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 514 of the Internal Revenue Code of 1986 (defining 
acquisition indebtedness) is amended by adding at the end thereof the 
following new paragraph:
            ``(10) Certain sba financing.--For purposes of this 
        section, the term `acquisition indebtedness' does not include 
        any participating or other security (including debentures) 
        issued by a small business investment company licensed pursuant 
        to section 301(c), or operating under the authority of section 
        301(d), of the Small Business Investment Act of 1958, as 
        amended, but only if such security is purchased or guaranteed, 
        or is part of a pool or trust with respect to which trust 
        certificates are guaranteed, by the Small Business 
        Administration under such Act.''
    (b) The amendment made by subsection (a) shall apply to taxable 
years beginning after the date of the enactment of this Act.

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