[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 884 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 884

To amend the Internal Revenue Code of 1986 to permit advanced refunding 
of private activity bonds with governmental bonds under certain limited 
                             circumstances.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 2001

 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 governmental bonds under certain limited 
                             circumstances.

    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 
              GOVERNMENTAL BONDS UNDER CERTAIN LIMITED CIRCUMSTANCES.

    (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.
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