[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 314 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 314

   To amend the Internal Revenue Code of 1986 to provide declaratory 
             judgment relief for section 521 cooperatives.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 13, 2001

 Mr. Grassley 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 provide declaratory 
             judgment relief for section 521 cooperatives.

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

SECTION 1. DECLARATORY JUDGMENT RELIEF FOR SECTION 521 COOPERATIVES.

    (a) In General.--Section 7428(a)(1) of the Internal Revenue Code of 
1986 (relating to declaratory judgments of tax exempt organizations) is 
amended by striking ``or'' at the end of subparagraph (B) and by adding 
at the end the following new subparagraph:
                    ``(D) with respect to the initial qualification or 
                continuing qualification of a cooperative as described 
                in section 521(b) which is exempt from tax under 
                section 521(a), or''.
    (b) Effective Date.--The amendments made by this section shall 
apply with respect to pleadings filed after the date of the enactment 
of this Act but only with respect to determinations (or requests for 
determinations) made after January 1, 2001.
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