[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5670 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5670

To amend the Internal Revenue Code of 1986 to allow bonds guaranteed by 
     the Federal home loan banks to be treated as tax exempt bonds.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 16, 2002

Mr. Houghton (for himself and Mr. Baker) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow bonds guaranteed by 
     the Federal home loan banks to be treated as tax exempt bonds.

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

SECTION 1. BONDS GUARANTEED BY FEDERAL HOME LOAN BANKS.

    (a) In General.--Clause (i) of section 149(b)(3)(A) of the Internal 
Revenue Code of 1986 (relating to exceptions for certain insurance 
programs) is amended--
            (1) by striking ``or'' after ``Corporation,'', and
            (2) by inserting at the end the following: ``or the Federal 
        home loan banks,''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to bonds issued after the date of the enactment of this Act.
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