S.Amdt. 2658
What it does: Adds SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS on page 179, line 25
Sen. Jim Bunning (R-KY)What it changes
1 change to S. 1637
Adds SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS on page 179, line 25
Adds a sectionPrinted pageInserted: SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS.
Inserted: (a) In General.--For purposes of section 149(b)(1) of the Internal Revenue Code of 1986, any qualified 501(c)(3) bond (as defined in section 145 of such Code) shall not be treated as federally guaranteed solely because such bond is part of an issue supported by a letter of credit, if such bond--
Inserted: (1) is issued after December 31, 2003, and before the date which is 1 year after the date of the enactment of this Act, and
Inserted: (2) is part of an issue 95 percent or more of the net proceeds of which are to be used to finance 1 or more of the following facilities primarily for the benefit of the elderly:
Inserted: (A) Licensed nursing home facility.
Inserted: (B) Licensed or certified assisted living facility.
Inserted: (C) Licensed personal care facility.
Inserted: (D) Continuing care retirement community.
Inserted: (b) Limitation on Issuer.--Subsection (a) shall not apply to any bond described in such subsection if the aggregate authorized face amount of the issue of which such bond is a part, when increased by the outstanding amount of such bonds issued by the issuer during the period described in subsection (a)(1) exceeds $15,000,000.
Inserted: (c) Limitation on Beneficiary.--Rules similar to the rules of section 144(a)(10) of the Internal Revenue Code of 1986 shall apply for purposes of this section, except that--
Inserted: (1) "$15,000,000" shall be substituted for "$40,000,000" in subparagraph (A) thereof, and
Inserted: (2) such rules shall be applied--
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Inserted: (A) only with respect to bonds described in this section, and
Inserted: (B) with respect to the aggregate authorized face amount of all issues of such bonds which are allocable to the beneficiary.
Inserted: (d) Continuing Care Retirement Community.--For purposes of this section, the term "continuing care retirement community" means a community which provides, on the same campus, a consortium of residential living options and support services to persons at least 60 years of age under a written agreement. For purposes of the preceding sentence, the residential living options shall include independent living units, nursing home beds, and either assisted living units or personal care beds.
Original wording
On page 179, after line 25, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2658. Mr. BUNNING submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:
On page 179, after line 25, add the following:
SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS.
(a) In General.--For purposes of section 149(b)(1) of the Internal Revenue Code of 1986, any qualified 501(c)(3) bond (as defined in section 145 of such Code) shall not be treated as federally guaranteed solely because such bond is part of an issue supported by a letter of credit, if such bond--
(1) is issued after December 31, 2003, and before the date which is 1 year after the date of the enactment of this Act, and
(2) is part of an issue 95 percent or more of the net proceeds of which are to be used to finance 1 or more of the following facilities primarily for the benefit of the elderly:
(A) Licensed nursing home facility.
(B) Licensed or certified assisted living facility.
(C) Licensed personal care facility.
(D) Continuing care retirement community.
(b) Limitation on Issuer.--Subsection (a) shall not apply to any bond described in such subsection if the aggregate authorized face amount of the issue of which such bond is a part, when increased by the outstanding amount of such bonds issued by the issuer during the period described in subsection (a)(1) exceeds $15,000,000.
(c) Limitation on Beneficiary.--Rules similar to the rules of section 144(a)(10) of the Internal Revenue Code of 1986 shall apply for purposes of this section, except that--
(1) “$15,000,000” shall be substituted for “$40,000,000” in subparagraph (A) thereof, and
(2) such rules shall be applied--
(A) only with respect to bonds described in this section, and
(B) with respect to the aggregate authorized face amount of all issues of such bonds which are allocable to the beneficiary.
(d) Continuing Care Retirement Community.--For purposes of this section, the term “continuing care retirement community” means a community which provides, on the same campus, a consortium of residential living options and support services to persons at least 60 years of age under a written agreement. For purposes of the preceding sentence, the residential living options shall include independent living units, nursing home beds, and either assisted living units or personal care beds.
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Senate amendment submitted
March 3, 2004