[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1441 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1441

To amend the Internal Revenue Code of 1986 with respect to discharge of 
indebtedness income from prepayment of loans under section 306B of the 
                   Rural Electrification Act of 1936.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 24, 1997

 Mr. English of Pennsylvania introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 with respect to discharge of 
indebtedness income from prepayment of loans under section 306B of the 
                   Rural Electrification Act of 1936.

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

SECTION 1. DISCHARGE OF INDEBTEDNESS INCOME FROM PREPAYMENT OF RUS 
              LOANS.

    Subparagraph (C) of section 501(c)(12) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``or'' at the end of clause (i),
            (2) by striking ``,306B,'' in clause (ii),
            (3) by striking the period at the end of clause (ii) and 
        inserting ``,or'', and
            (4) by adding at the end the following new clause:
                            ``(iii) from the prepayment of a loan under 
                        section 306B of the Rural Electrification Act 
                        of 1936 (as in effect on January 1, 1993).''
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