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S. 946Senate117th Congress (2021-2023)In Committee

A bill to amend title 40, United States Code, to modify the treatment of certain bargain-price options to purchase at less than fair market value, and for other purposes.

Sponsored by James LankfordSen. James Lankford (R-OK)
Introduced March 24, 2021

AI-Generated Summary

Updated February 8, 2026 at 12:58 AM UTC

The bill changes how government lease agreements handle bargain‑price purchase options that are priced below fair market value. For any lease signed on or after Jan. 1, 2021, such discounted options can only be exercised if a later appropriations act or other congressional law specifically allows it. This affects federal agencies that lease property and may want to buy it at a reduced price.

Key Provisions

  • Adds a new limitation stating that any bargain‑price purchase option in a lease entered into on or after Jan. 1, 2021 may be exercised only to the extent authorized by subsequent appropriations or other congressional acts.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Environment and Public Works.

Environment and Public Works Committee

March 24, 2021

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SenateIntro Referral

Introduced in Senate

March 24, 2021

SenateIntro Referral

Read twice and referred to the Committee on Environment and Public Works.

Environment and Public Works Committee

March 24, 2021

Bill Text

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Introduced in SenateIssued March 24, 2021

II

117th CONGRESS

1st Session

S. 946

IN THE SENATE OF THE UNITED STATES

March 24, 2021

Mr. Lankford (for himself and Mr. Peters) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works

A BILL

To amend title 40, United States Code, to modify the treatment of certain bargain-price options to purchase at less than fair market value, and for other purposes.

1.

Limitation on discounted purchase options

Section 585 of title 40, United States Code, is amended by adding at the end the following:

(d)

Limitation on discounted purchase options

Any bargain-price option to purchase at less than fair market value contained in any lease agreement entered into on or after January 1, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress.

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