H.R. 5177

To amend the Internal Revenue Code of 1986 to allow bonds guaranteed by the Federal home loan banks to be treated as tax exempt bonds.

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I

109th CONGRESS

2d Session

H. R. 5177

IN THE HOUSE OF REPRESENTATIVES

April 25, 2006

Mr. English of Pennsylvania (for himself, Mr. Levin, Mr. Baker, and Mr. Kanjorski) 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 allow bonds guaranteed by the Federal home loan banks to be treated as tax exempt bonds.

1.

Bonds guaranteed by Federal home loan banks

(a)

In General

Clause (i) of section 149(b)(3)(A) of the Internal Revenue Code of 1986 (relating to exceptions for certain insurance programs) is amended—

(1)

by striking or after Corporation,, and

(2)

by inserting at the end the following: or the Federal home loan banks,.

(b)

Effective Date

The amendment made by subsection (a) shall apply to bonds issued after the date of the enactment of this Act.