[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2253 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 2253
To amend the Internal Revenue Code of 1986 to provide for the issuance
of tax-exempt bonds by Indian tribal governments, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 20, 2001
Mr. Camp (for himself, Mr. Weller, Mr. Cannon, Mr. Hayworth, Mrs. Bono,
and Mr. Rehberg) 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 provide for the issuance
of tax-exempt bonds by Indian tribal governments, and for other
purposes.
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 ``Tribal Government Tax-Exempt Bond
Authority Reform Act of 2001''.
SEC. 2. MODIFICATIONS OF AUTHORITY OF INDIAN TRIBAL GOVERNMENTS TO
ISSUE TAX-EXEMPT BONDS.
Subsection (c) of section 7871 of the Internal Revenue Code of 1986
(relating to Indian tribal governments treated as States for certain
purposes) is amended to read as follows:
``(c) Additional Requirements for Tax-Exempt Bonds.--
``(1) In general.--Subsection (a) of section 103 shall
apply to any obligation issued by an Indian tribal government
(or subdivision thereof) only--
``(A) if such obligation is part of an issue 95
percent or more of the net proceeds of which are to be
used to finance any facility located on or in close
proximity to an Indian reservation, or
``(B) in the case of an obligation not described in
subparagraph (A) because the facility to be financed is
not located on or in close proximity to an Indian
reservation, if such obligation is part of an issue
substantially all of the proceeds of which are to be
used in the exercise of an essential governmental
function.
``(2) Exclusion of gaming.--A facility described in
paragraph (1)(A) may not include a building to be used for
purposes of conducting or housing class I, II, or III gaming
(as defined in section 4 of the Indian Gaming Regulatory Act
(25 U.S.C. 2703)).
``(3) Definitions.--For purposes of this subsection--
``(A) Indian tribe.--The term `Indian tribe' means
any Indian tribe, band, nation, pueblo, or other
organized group or community, including any Alaska
Native village, or regional or village corporation, as
defined in or established pursuant to the Alaska Native
Claims Settlement Act (43 U.S.C. 1601 et seq.), which
is recognized as eligible for the special programs and
services provided by the United States to Indians
because of their status as Indians.
``(B) Indian reservation.--The term `Indian
reservation' means--
``(i) a reservation, as defined in section
4(10) of the Indian Child Welfare Act of 1978
(25 U.S.C. 1903(10)), or
``(ii) lands held under the provisions of
the Alaska Native Claims Settlement Act (43
U.S.C. 1601 et seq.) by a Native corporation as
defined in section 3(m) of such Act (43 U.S.C.
1602(m)).
``(C) In close proximity to.--The term `in close
proximity to' means--
``(i) located within a metropolitan
statistical area (within the meaning of section
143(k)(2)(B)) that is within 1 mile of the
boundaries of an Indian reservation, or
``(ii) located within a nonmetropolitan
area (as defined in section
42(d)(5)(C)(iv)(IV)) that is within 20 miles of
the boundaries of an Indian reservation.''.
SEC. 3. EXEMPTION FROM REGISTRATION REQUIREMENTS.
The first sentence of section 3(a)(2) of the Securities Act of 1933
(15 U.S.C. 77c(a)(2)) is amended by inserting ``or by any Indian tribal
government or subdivision thereof (within the meaning of section 7871
of the Internal Revenue Code of 1986),'' after ``or Territories,''.
SEC. 4. EFFECTIVE DATE.
The amendment made by this Act shall apply to obligations issued
after the date of the enactment of this Act.
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