[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1038 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1038

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 13, 1999

  Mr. Grassley (for himself, Mr. Kerrey, Mr. Conrad, and Mr. Daschle) 
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. SHORT TITLE.

    This Act may be cited as the ``Agricultural Bond Enhancement Act''.

SEC. 2. 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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