A bill to amend the Internal Revenue Code of 1986 to provide that the interest on certain obligations issued by an issuer who is in arrears with respect to another obligation issued or guaranteed by the issuer, or guaranteed by a guarantor who is in arrears with respect to another obligation issued or guaranteed by the guarantor, is not exempt from tax.
Tax-Exempt Financing Abuse Act - Amends the Internal Revenue Code to disallow the exclusion from gross income of interest on governmental obligations issued or guaranteed by an issuer or guarantor which, at the time of issuance, is an issuer or guarantor in arrears for more than 180 days with respect to an obligation that was: (1) offered publicly with an accompanying written guarantee; (2) issued after 1974; (3) not a short term obligation; and (4) not a private activity bond or industrial revenue bond.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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