[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 438 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 438

To amend the Internal Revenue Code of 1986 to remove certain high-speed 
             rail facility bonds from the State volume cap.


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                   IN THE SENATE OF THE UNITED STATES

             February 25 (legislative day, January 5), 1993

   Mr. Graham (for himself, Mr. D'Amato, Mr. Reid, Ms. Mikulski, Mr. 
 Wofford, Mr. Mack, and Mr. Lautenberg) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to remove certain high-speed 
             rail facility bonds from the State volume cap.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``High-Speed Rail Incentives Act of 
1993''.

SEC. 2. REMOVAL OF VOLUME CAP FOR CERTAIN HIGH-SPEED RAIL FACILITY 
              BONDS.

    (a) In General.--Paragraph (4) of section 146(g) of the Internal 
Revenue Code of 1986 (relating to exception for certain bonds) is 
amended by inserting ``, other than any such bond described in 
subsection (h)(1)'' after ``rail facilities)''.
    (b) Conforming Amendments.--Subsection (h) of section 146 of such 
Code (relating to exception for government-owned solid waste disposal 
facilities) is amended--
            (1) by striking ``section 142(a)(6)'' in paragraph (1) and 
        inserting ``paragraph (6) or (11) of section 142(a)'', and
            (2) by inserting ``and High-Speed Rail'' before 
        ``Facilities'' in the heading thereof.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.

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