II
111th CONGRESS
1st Session
S. 138
IN THE SENATE OF THE UNITED STATES
January 6, 2009
Mr. Kerry (for himself, Ms. Snowe, and Mrs. Lincoln) 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 repeal alternative minimum tax limitations on private activity bond interest, and for other purposes.
Repeal of alternative minimum tax limitations on private activity bond interest
In general
Section 57(a)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
Termination
This paragraph shall not apply to bonds issued after the date of the enactment of this subparagraph. The preceding sentence shall not apply to any refunding bond unless such preceding sentence applied to the refunded bond (or in the case of a series of refundings, the original bond).
.
No adjustment to adjusted current earnings
Clause (iii) of section 56(g)(4)(B) of the Internal Revenue Code of 1986 is amended to read as follows:
Tax exempt interest on certain bonds
Clause (i) shall not apply in the case of any interest on a bond to which section 57(a)(5)(D) applies.
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Effective date
The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.