[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 533 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 533

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 4, 2005

Mrs. Hutchison 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 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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