S. 1290Senate108th Congress (2003-2005)In Committee

A bill to amend the Internal Revenue Code of 1986 to allow an additional advance refunding of tax-exempt bonds issued for the purchase or maintenance of electric generation, transmission, or distribution assets.

Introduced June 19, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8236)

June 19, 2003

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SenateIntro Referral

Introduced in Senate

June 19, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S 8236)

June 19, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8236)

June 19, 2003

Floor Debate

12 members

What members said about S. 1290 on the floor

6 Republicans6 Democrats
Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jun 19, 2003

Mr. President, I am pleased to be introducing, with Senators Hatch, Schumer, Grassley, Feinstein, DeWine, and Edwards, the Criminal Spam Act of 2003. This bill is designed to counter the most…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jun 19, 2003

Mr. President, today I rise to introduce the Emergency Protection for Iraqi Cultural Antiquities Act of 2003, the EPIC Antiquities Act of 2003. I am pleased that Senator Baucus joins me as an…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jun 19, 2003

Mr. President, I rise to introduce, with Senators Leahy, Schumer, Grassley, Feinstein, DeWine, and Edwards, the Criminal Spam Act of 2003. This legislation, which enjoys bipartisan support, targets…

Patty Murray
Sen. Patty MurrayD-WA · Jun 19, 2003

Mr. President, I rise today to introduce legislation to help rural and underserved communities across the country get connected to the information economy. Today I am introducing the Community…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jun 19, 2003

Mr. President, I rise to introduce the ``TRADE for America's Communities Act'' in recognition of the critical need to provide economic development assistance to communities, across this Nation, that…

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Maria Cantwell
Sen. Maria CantwellD-WA · Jun 19, 2003

Mr. President, I rise today to offer the Prescription Drug Consumer Information Act. I believe this legislation will dramatically improve the way in which prescription drug benefits are provided to…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Jun 19, 2003

Mr. President, I rise today on the 138th anniversary of the day that Major General Gordon Granger and his Union soldiers arrived in Galveston, TX. They brought the news that the war had ended and…

Lindsey Graham
Sen. Lindsey GrahamR-SC · Jun 19, 2003

Mr. President, I rise today to give due recognition to a colleague whose tragic passing is still fresh in our thoughts. Senator Paul Wellstone served 12 honorable years in the Senate for the State of…

Mike DeWine
Sen. Mike DeWineR-OH · Jun 19, 2003

Mr. President, I rise today, along with the Senator from New York, Mr. Schumer, to introduce the Video Voyeurism Prevention Act of 2003. Our legislation would criminalize the appalling practice of…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jun 19, 2003

Mr. President, I rise today to introduce the Downed Animal Protection Act, a bill to provide for the humane treatment, handling, and euthanasia of non-ambulatory, downed, livestock unable to stand or…

Ernest F. Hollings
Sen. Ernest F. HollingsD-SC · Jun 19, 2003

Mr. President, I am introducing legislation today that would improve the Internal Revenue Code of 1986 by allowing an additional advanced refunding of tax exempt bonds issued for the purchase or…

Ernest F. Hollings
Sen. Ernest F. HollingsD-SC · Jun 19, 2003

Mr. President, I am introducing legislation today that would improve the Internal Revenue Code of 1986 by allowing an additional advanced refunding of tax exempt bonds issued for the purchase or…

Harold Rogers
Rep. Harold RogersR-KY-5 · Jan 30, 2004

Mr. Speaker, on Wednesday, January 28, I was unavoidably detained due to the inclement weather and was not present for votes on S. 1290, a bill to extend for 6 months the period for which chapter 12…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued June 19, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1290 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 1290

To amend the Internal Revenue Code of 1986 to allow an additional
advance refunding of tax-exempt bonds issued for the purchase or
maintenance of electric generation, transmission, or distribution
assets.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 19, 2003

Mr. Hollings 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 an additional
advance refunding of tax-exempt bonds issued for the purchase or
maintenance of electric generation, transmission, or distribution
assets.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. ADDITIONAL ADVANCE REFUNDING OF ELECTRICITY BONDS.

(a) In General.--Subsection (d) of section 149 of the Internal
Revenue Code of 1986 (relating to advance refunding) is amended by
redesignating paragraph (7) as paragraph (8) and by inserting after
paragraph (7) the following new paragraph:
``(7) Special rule for certain electricity bonds.--
``(A) General rule.--In the case of a bond
described in subparagraph (B), one additional advance
refunding after the date of the enactment of this
paragraph shall be allowed under paragraph (3)(A)(i) if
the requirements of subparagraph (C) are met.
``(B) Bond described.--A bond is described in this
subparagraph if such bond is issued as part of an issue
the net proceeds of which are used to finance the costs
of electric generation, transmission, or distribution
assets owned by the issuer or by a consortium of State
or local governments which includes the issuer and
which jointly own such assets.
``(C) Requirements.--The requirements of this
subparagraph are met with respect to any advance
refunding of a bond described in subparagraph (B) if--
``(i) no advance refundings of such bond
would be allowed under any provision of law
after the date of the enactment of this
paragraph,
``(ii) the advance refunding bond is the
only other outstanding bond with respect to the
refunded bond, and
``(iii) the requirements of section 148 are
met with respect to all bonds issued under this
subsection.
``(D) Inapplicability to certain bonds.--
Subparagraph (A) shall not apply with respect to a bond
described in section 1400L(e).''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to advance refunding bonds issued after the date of the enactment
of this Act.
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