[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2648 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 2648

    To amend the Internal Revenue Code of 1986 to permit the use of 
 proceeds of tax exempt private activity bonds for community and water 
    facility loans guaranteed under the Consolidated Farm and Rural 
                            Development Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2003

  Mr. Pombo 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 the use of 
 proceeds of tax exempt private activity bonds for community and water 
    facility loans guaranteed under the Consolidated Farm and Rural 
                            Development Act.

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

SECTION 1. USE OF PROCEEDS OF TAX EXEMPT PRIVATE ACTIVITY BONDS FOR 
              COMMUNITY AND WATER FACILITY LOANS GUARANTEED UNDER 
              CONSOLIDATED FARM AND RURAL DEVELOPMENT ACT.

    (a) In General.--Paragraph (3) of section 149(b) of the Internal 
Revenue Code of 1986 (relating to exceptions) is amended by adding at 
the end the following new subparagraph:
                    ``(E) Private activity bonds the proceeds of which 
                are for certain loans guaranteed under consolidated 
                farm and rural development act.--Paragraph (1) shall 
                not apply to any bond the proceeds of which are used to 
                make a loan which is guaranteed by the Secretary of 
                Agriculture under section 306(a) of the Consolidated 
                Farm and Rural Development Act (as in effect on the 
                date of the enactment of this subparagraph).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to obligations issued after the date of the enactment of this 
Act.
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