S.Amdt. 853
What it does: Adds SEC. __. TAX-EXEMPT TREATMENT OF CERTAIN BONDS ISSUED BY CERTAIN JOINT ACTION AGENCIES wherever appropriate
Sen. Ted Stevens (R-AK)What it changes
1 change to H.R. 6
Adds SEC. __. TAX-EXEMPT TREATMENT OF CERTAIN BONDS ISSUED BY CERTAIN JOINT ACTION AGENCIES wherever appropriate
Adds a sectionInserted: SEC. __. TAX-EXEMPT TREATMENT OF CERTAIN BONDS ISSUED BY CERTAIN JOINT ACTION AGENCIES.
Inserted: (a) In General.--For purposes of the Internal Revenue Code of 1986, with respect to the issuance of any bond by any joint action agency described in subsection (b), if such bond satisfies the requirements of subsection (c) then--
Inserted: (1) such bond shall be treated as issued by a political subdivision for purposes of section 103 of such Code, and
Inserted: (2) the sale of power by such agency to its members shall not result in such bond being treated as a private activity bond under section 141 of such Code.
Inserted: (b) Agency Described.--An agency is described in this subsection if such agency is established under State law on or after December 31, 2000, and before August 1, 2005, for the purpose of participating in the design, construction, operation, and maintenance of 1 or more generating or transmission facilities and is treated under such law as a public utility.
Inserted: (c) Bond Requirements.--A bond issued as part of an issue satisfies the requirements of this subsection if--
Inserted: (1) such issue satisfies the requirements of section 147(f)(2) of the Internal Revenue Code of 1986 (relating to public approval),
Inserted: (2) such issue receives an allocation of the issuance limitation described in paragraph (3) by the governmental unit approving such issue under paragraph (1),
Inserted: (3) the aggregate face amount of the bonds issued pursuant to such issue, when added to the aggregate face amount of bonds previously issued by all agencies described in subsection (b), does not exceed $1,000,000,000, and
Inserted: (4) any bond issued pursuant to such issue is issued after the date of the enactment of this Act and before January 1, 2011.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place insert the following:
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As printed
SA 853. Mr. STEVENS submitted an amendment intended to be proposed by him to the bill H.R. 6, to ensure jobs for our future with secure, affordable, and reliable energy; which was ordered to lie on the table; as follows:
At the appropriate place insert the following:
SEC. __. TAX-EXEMPT TREATMENT OF CERTAIN BONDS ISSUED BY CERTAIN JOINT ACTION AGENCIES.
(a) In General.--For purposes of the Internal Revenue Code of 1986, with respect to the issuance of any bond by any joint action agency described in subsection (b), if such bond satisfies the requirements of subsection (c) then--
(1) such bond shall be treated as issued by a political subdivision for purposes of section 103 of such Code, and
(2) the sale of power by such agency to its members shall not result in such bond being treated as a private activity bond under section 141 of such Code.
(b) Agency Described.--An agency is described in this subsection if such agency is established under State law on or after December 31, 2000, and before August 1, 2005, for the purpose of participating in the design, construction, operation, and maintenance of 1 or more generating or transmission facilities and is treated under such law as a public utility.
(c) Bond Requirements.--A bond issued as part of an issue satisfies the requirements of this subsection if--
(1) such issue satisfies the requirements of section 147(f)(2) of the Internal Revenue Code of 1986 (relating to public approval),
(2) such issue receives an allocation of the issuance limitation described in paragraph (3) by the governmental unit approving such issue under paragraph (1),
(3) the aggregate face amount of the bonds issued pursuant to such issue, when added to the aggregate face amount of bonds previously issued by all agencies described in subsection (b), does not exceed $1,000,000,000, and
(4) any bond issued pursuant to such issue is issued after the date of the enactment of this Act and before January 1, 2011.
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Senate amendment submitted
June 22, 2005