S.Amdt. 2638
What it does: Adds SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS at the end of title IV
Sen. Jim Bunning (R-KY)What it changes
1 change to S. 2020 · shown in the bill's text
Adds SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS at the end of title IV
Adds a sectionIn S. 2020 · Placed on Calendar Senate
(d) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued during the period beginning after December 31, 2006, and before January 1, 2008, and properly allocable to such period, with respect to mortgage insurance contracts issued after December 31, 2006.
Inserted: SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS.
Inserted: (a) In General.--Section 149(b)(3) (relating to exceptions) is amended by adding at the end the following new subparagraph:
Inserted: "(E) Exception for qualified 501(c)(3) bonds for nursing homes.--
Inserted: "(i) In general.--Paragraph (1) shall not apply to any qualified 501(c)(3) bond issued before the date which is 1 year after the date of the enactment of this subparagraph for the benefit of an organization described in section 501(c)(3), if such bond is part of an issue the proceeds of which are used to finance 1 or more of the following facilities primarily for the benefit of the elderly:
Inserted: "(I) Licensed nursing home facility.
Inserted: "(II) Licensed or certified assisted living facility.
Inserted: "(III) Licensed personal care facility.
Inserted: "(IV) Continuing care retirement community.
Inserted: "(ii) Limitation.--With respect to any calendar year, clause (i) shall not apply to any bond described in such clause 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 for such calendar year exceeds $15,000,000.
Inserted: "(iii) Continuing care retirement community.--For purposes of this subparagraph, the term 'continuing care retirement community' means a community which provides, on the same campus, a continuum 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.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
Original wording
At the end of title IV, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2638. Mr. BUNNING submitted an amendment intended to be proposed by him to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; which was ordered to lie on the table; as follows:
At the end of title IV, insert the following:
SEC. __. EXEMPTION OF QUALIFIED 501(C)(3) BONDS FOR NURSING HOMES FROM FEDERAL GUARANTEE PROHIBITIONS.
(a) In General.--Section 149(b)(3) (relating to exceptions) is amended by adding at the end the following new subparagraph:
“(E) Exception for qualified 501(c)(3) bonds for nursing homes.--
“(i) In general.--Paragraph (1) shall not apply to any qualified 501(c)(3) bond issued before the date which is 1 year after the date of the enactment of this subparagraph for the benefit of an organization described in section 501(c)(3), if such bond is part of an issue the proceeds of which are used to finance 1 or more of the following facilities primarily for the benefit of the elderly:
“(I) Licensed nursing home facility.
“(II) Licensed or certified assisted living facility.
“(III) Licensed personal care facility.
“(IV) Continuing care retirement community.
“(ii) Limitation.--With respect to any calendar year, clause (i) shall not apply to any bond described in such clause 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 for such calendar year exceeds $15,000,000.
“(iii) Continuing care retirement community.--For purposes of this subparagraph, the term ‘continuing care retirement community' means a community which provides, on the same campus, a continuum 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.”.
(b) Effective Date.--The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.
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Senate amendment submitted
November 17, 2005