[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2501 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 2501

To amend the Internal Revenue Code of 1986 to exempt small issue bonds 
               for agriculture from the State volume cap.


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                   IN THE SENATE OF THE UNITED STATES

                           September 18, 1998

    Ms. Moseley-Braun (for herself and Mr. Grassley) 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 exempt small issue bonds 
               for agriculture 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. EXEMPTION OF AGRICULTURAL BONDS FROM STATE VOLUME CAP.

    (a) In General.--Section 146(g) of the Internal Revenue Code of 
1986 (relating to exception for certain bonds) is amended by striking 
``and'' at the end of paragraph (3), by striking the period at the end 
of paragraph (4) and inserting ``, and'', and by inserting after 
paragraph (4) the following:
            ``(5) any qualified small issue bond described in section 
        144(a)(12)(B)(ii).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of enactment of this Act.
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