[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3657 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 3657

To amend the Internal Revenue Code of 1986 to allow bonds guaranteed by 
     the Federal home loan banks to be treated as tax exempt bonds.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 13, 2006

 Mr. Santorum 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 allow bonds guaranteed by 
     the Federal home loan banks to be treated as tax exempt bonds.

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

SECTION 1. BONDS GUARANTEED BY FEDERAL HOME LOAN BANKS.

    (a) In General.--Clause (i) of section 149(b)(3)(A) of the Internal 
Revenue Code of 1986 (relating to exceptions for certain insurance 
programs) is amended--
            (1) by striking ``or'' after ``Corporation,'', and
            (2) by inserting at the end the following: ``or the Federal 
        home loan banks,''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to bonds issued after the date of the enactment of this Act.
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