A bill to amend the Internal Revenue Code of 1986 to authorize the issuance by States of tax-exempt bonds for high-speed intercity rail transportation projects under certain circumstances, and for other purposes.
High-Speed Intercity Rail Transportation Bond Financing Act of 1987 - Amends the Internal Revenue Code to add to the category of tax-exempt facility bonds any bonds that are part of an issue 95 percent or more of whose net proceeds are used to provide high-speed intercity rail facilities to be owned by a governmental unit and made available to the general public.
Exempts such bonds from: (1) the volume cap generally applicable to private activity bonds; and (2) limitations on the use of bond proceeds for land acquisition.
Provisions of Measure Incorporated Into H.R.4333.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance. Hearings held. Hearings printed: S.Hrg. 100-674.
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