H.R. 2941House109th Congress (2005-2007)In Committee

Bond Financing Renewal Act of 2005

Introduced June 16, 2005

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

June 16, 2005

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HouseIntro Referral

Introduced in House

June 16, 2005

HouseIntro Referral

Referred to the House Committee on Ways and Means.

June 16, 2005

Floor Debate

2 members

What members said about H.R. 2941 on the floor

1 Republican1 Democrat
Raúl M. Grijalva
Rep. Raúl M. GrijalvaD-AZ-7 · Apr 12, 2005

Madam Speaker, I yield myself such time as I may consume. I want to thank the gentleman from Tennessee (Mr. Duncan) for his comments and his leadership on this very important issue to native peoples…

John J. Duncan, Jr.
Rep. John J. Duncan, Jr.R-TN-2 · Apr 12, 2005

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 794) to correct the south boundary of the Colorado River Indian Reservation in Arizona, and for other purposes. Madam Speaker, I ask…

Bill Text

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Introduced in HouseIssued June 16, 2005

I

109th CONGRESS

1st Session

H. R. 2941

IN THE HOUSE OF REPRESENTATIVES

June 16, 2005

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

A BILL

To amend the Internal Revenue Code of 1986 to modify the qualified small issue bond provisions.

1.

Short title

This Act may be cited as the Bond Financing Renewal Act of 2005.

2.

Acceleration of expansion of qualified small-issue bond program

Subparagraph (G) of section 144(a)(4) of the Internal Revenue Code of 1986 (relating to additional capital expenditures not taken into account) is amended by striking 2009 and inserting 2006.

3.

Acquisition interest expenses of financial institutions for small issue bonds made deductible

(a)

In general

Clause (ii) of section 265(b)(3)(B) of the Internal Revenue Code of 1986 (relating to certain bonds not treated as private activity bonds) is amended by striking or at the end of subclause (I), by striking the period at the end of subclause (II) and inserting , or, and by inserting after subclause (II) the following new subclause:

(III)

any obligation which is a qualified small issue bond described in section 144(a)(12)(B) if such obligation is part of an issue the aggregate authorized face amount of which is less than $2,000,000.

.

(b)

Effective date

The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.