[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1060 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1060

 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

                           February 13, 2009

 Mr. Gonzalez introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 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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