[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4155 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4155

To amend the Internal Revenue Code of 1986 to permit advanced refunding 
    of private activity bonds with general obligation bonds if the 
governmental issuer takes over the private activity bond due to failure 
                         of the private entity.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 3, 2000

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

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to permit advanced refunding 
    of private activity bonds with general obligation bonds if the 
governmental issuer takes over the private activity bond due to failure 
                         of the private entity.

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

SECTION 1. ADVANCED REFUNDING OF PRIVATE ACTIVITY BONDS WITH GENERAL 
              OBLIGATION BONDS UPON TAKEOVER OF PRIVATE ENTITY BY 
              GOVERNMENTAL UNIT.

    (a) In General.--Paragraph (2) of section 149(d) of the Internal 
Revenue Code of 1986 (relating to advanced refunding of certain private 
activity bonds) is amended by inserting before the period at the end 
the following: ``unless the bond being refunded would, if issued as of 
the date of such refunding, not be classified as a private activity 
bond under section 141''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to advance refunding bonds issued after the date of the enactment 
of this Act.
                                 <all>