[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1963 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1963

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

                             August 2, 2007

Mr. Rockefeller (for himself, Mr. Crapo, Ms. Stabenow, and Mr. Carper) 
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 any Federal 
        home loan bank,''.
    (b) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
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