[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1771 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1771

 To amend the Internal Revenue Code of 1986 to clarify that a NADBank 
    guarantee is not considered a Federal guarantee for purposes of 
              determining the tax-exempt status of bonds.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2005

 Mr. Gonzalez (for himself, Mr. Hinojosa, Mr. Cuellar, Mr. Ortiz, Mr. 
   Reyes, and Mr. Doggett) 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 clarify that a NADBank 
    guarantee is not considered a Federal guarantee for purposes of 
              determining the tax-exempt status of bonds.

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

SECTION 1. CERTAIN GUARANTEES NOT CONSIDERED FEDERAL GUARANTEES FOR 
              PURPOSES OF DETERMINING TAX-EXEMPT STATUS OF BONDS.

    (a) In General.--Section 149(b)(3)(A)(i) of the Internal Revenue 
Code of 1986 (relating to certain insurance programs) is amended by 
inserting ``the North American Development Bank,'' after 
``Corporation,''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to any bond issued before, on, or after the date of the 
enactment of this Act.
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