[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 599 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 599

   To amend the Internal Revenue Code of 1986 to provide a permanent 
         extension for the issuance of first-time farmer bonds.


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                   IN THE SENATE OF THE UNITED STATES

               March 17 (legislative day, March 3), 1993

Mr. Grassley (for himself, Mr. Durenberger, Mr. Simon, and Mr. Conrad) 
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 provide a permanent 
         extension for the issuance of first-time farmer bonds.

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

SECTION 1. FIRST-TIME FARMER BONDS EXTENDED PERMANENTLY.

    (a) In General.--Section 144(a)(12) of the Internal Revenue Code of 
1986 is amended by adding at the end thereof the following new 
subparagraph:
                    ``(D) First-time farmer bonds.--Subparagraph (A) 
                shall not apply to any bond issued as part of an issue 
                95 percent or more of the net proceeds of which are to 
                be used to provide any land or property in accordance 
                with section 147(c)(2).''.
    (b) Conforming Amendment.--Subparagraph (B) of section 144(a)(12) 
of such Code is amended to read as follows:
                    ``(B) Bonds issued to finance manufacturing 
                facilities.--In the case of any bond issued as part of 
                an issue 95 percent or more of the net proceeds of 
                which are to be used to provide any manufacturing 
                facility, subparagraph (A) shall be applied by 
                substituting `June 30, 1992' for `December 31, 
                1986'.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after June 30, 1992.

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