S. 1630Senate110th Congress (2007-2009)In Committee

A bill to amend the Internal Revenue Code of 1986 to exclude certain tax-exempt financing of electric transmission facilities from the private business use test.

Sponsored by Mike CrapoSen. Mike Crapo (R-ID)
Introduced June 14, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

June 14, 2007

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SenateIntro Referral

Introduced in Senate

June 14, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7748)

June 14, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance.

June 14, 2007

Floor Debate

12 members

What members said about S. 1630 on the floor

6 Republicans6 Democrats
Mitch McConnell
Sen. Mitch McConnellR-KY · Jun 14, 2007

Mr. President, earlier this year, while the Senate was resuming its business in a new Congress, two dozen families on the other side of the world were fleeing their homes. Ninety-four men and women,…

Maria Cantwell
Sen. Maria CantwellD-WA · Jun 14, 2007

Mr. President, I rise today to introduce the Oil Pollution Prevention and Response Act of 2007 with my colleague Senator Kerry, This comprehensive legislation strengthens and builds upon the Oil…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jun 14, 2007

Mr. President, I rise today to once again introduce legislation to encourage the deployment of next generation wireless services in rural areas. Cell phones have become a vital part of so many lives.…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jun 14, 2007

Mr. President, I rise to introduce the Fuel Reduction using Electrons to End Our Dependence on the Mideast Act of 2007, or the FREEDOM Act. Senators Maria Cantwell, Barack Obama, and I have been…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jun 14, 2007

Mr. President, I rise today with Senator McConnell and 54 of our colleagues to introduce a joint resolution renewing the ban on all imports from Burma for another year. Simply put, the ruling State…

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Mike Crapo
Sen. Mike CrapoR-ID · Jun 14, 2007

Mr. President, I am pleased to introduce today a bill to address the increasing need for electric power transmission in our country. The Nation's network of transmission lines is the super-highway of…

Mike Crapo
Sen. Mike CrapoR-ID · Jun 14, 2007

Mr. President, I am pleased to introduce today a bill to address the increasing need for electric power transmission in our country. The Nation's network of transmission lines is the super-highway of…

Max Baucus
Sen. Max BaucusD-MT · Jun 14, 2007

Mr. President, I am pleased to join my friend and colleague, Senator Grassley, in introducing legislation to preserve the corporate tax base. The Federal Government taxes corporations. The tax law…

John F. Kerry
Sen. John F. KerryD-MA · Jun 14, 2007

Mr. President, last month, Americans emptied their wallets at the pump, paying record prices that reached $3.22 a gallon according to the Department of Energy's Energy Information Administration.…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jun 14, 2007

Mr. President, today I introduce legislation with my colleagues, Senator Coleman, Senator Lincoln, Senator Ben Nelson, Senator Kerry, and Senator Collins, that will help to address the critical…

Ron Wyden
Sen. Ron WydenD-OR · Jun 14, 2007

Mr. President, today Senator Bennett and I are reintroducing legislation to provide a significant financial incentive for automakers to produce, and for their customers to buy, more fuel efficient…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jun 14, 2007

Mr. President, this legislation that Senator Baucus and I are introducing addresses an important issue--preserving the integrity of the Tax Code. Recent public offerings, effected and announced, by…

James M. Inhofe
Sen. James M. InhofeR-OK · Jun 14, 2007

Mr. President, today I introduce S. 1623. I introduce this bill to prevent the imposition of global taxes on the United States. The current efforts of the United Nations and other international…

Bill Text

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Introduced in SenateIssued June 14, 2007

II

110th CONGRESS

1st Session

S. 1630

IN THE SENATE OF THE UNITED STATES

June 14, 2007

Mr. Crapo (for himself and Mr. Craig) 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 exclude certain tax-exempt financing of electric transmission facilities from the private business use test.

1.

Tax-exempt financing of certain electric transmission facilities not subject to private business use test

(a)

In general

Section 141(b)(6) of the Internal Revenue Code of 1986 (defining private business use) is amended by adding at the end the following new subparagraph:

(C)

Exception for certain electric transmission facilities

For purposes of the 1st sentence of subparagraph (A), the operation or use of an electric transmission facility by any person which is not a governmental unit shall not be considered a private business use if—

(i)

the facility is placed in service on or after the date of the enactment of this subparagraph and is owned by—

(I)

a State or political subdivision of a State, or any agency, authority, or instrumentality of any of the foregoing providing electric service, directly or indirectly to the public, or

(II)

a State or political subdivision of a State expressly authorized under applicable State law effective on or after January 1, 2004, to finance and own electric transmission facilities, and

(ii)

bonds for such facility are issued before the date which is 5 years after the date of the enactment of this subparagraph.

.

(b)

Effective date

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