[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 370 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 370

To amend the Internal Revenue Code of 1986 to exempt agricultural bonds 
                        from State volume caps.


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                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2001

  Mr. Grassley (for himself and Mr. Conrad) 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 exempt agricultural bonds 
                        from State volume caps.

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

SECTION 1. EXEMPTION OF AGRICULTURAL BONDS FROM STATE VOLUME CAP.

    (a) In General.--Section 146(g) of the Internal Revenue Code of 
1986 (relating to exception for certain bonds) is amended by striking 
``and'' at the end of paragraph (3), by striking the period at the end 
of paragraph (4) and inserting ``, and'', and by inserting after 
paragraph (4) the following new paragraph:
            ``(5) any qualified small issue bond described in section 
        144(a)(12)(B)(ii).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2001.
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