[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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