[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1781 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1781

       To clarify the application of a certain transitional rule.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 1997

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

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                                 A BILL


 
       To clarify the application of a certain transitional rule.

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

SECTION 1. CLARIFICATION OF TRANSITIONAL RULE.

    (a) In General.--Paragraph (3) of section 10631(c) of the Revenue 
Act of 1987 is amended by adding at the end the following flush 
sentence:
        ``For purposes of the preceding sentence, a bond shall be 
        treated as issued by the authority referred to in subparagraph 
        (A) if it is issued by any political subdivision of the State 
        referred to in subparagraph (A).''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to bonds issued after the date of the enactment of this Act.
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