[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3410 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 3410

 To amend the Internal Revenue Code of 1986 to provide that the volume 
 cap for private activity bonds shall not apply to bonds for water and 
                           sewage facilities.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 30, 2003

  Mr. Davis of Florida (for himself, Mr. Shaw, Mr. Acevedo-Vila, Ms. 
 Ginny Brown-Waite of Florida, and Mr. Otter) 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 provide that the volume 
 cap for private activity bonds shall not apply to bonds for water and 
                           sewage facilities.

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

SECTION 1. BONDS FOR WATER AND SEWAGE FACILITIES EXEMPT FROM VOLUME CAP 
              ON PRIVATE ACTIVITY BONDS.

    (a) In General.--Paragraph (3) of section 146(g) of the Internal 
Revenue Code of 1986 (relating to exception for certain bonds) is 
amended--
            (1) by inserting ``(4), (5),'' after ``(2),'', and
            (2) by inserting ``facilities for the furnishing of water, 
        sewage facilities,'' after ``wharves,''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.
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