Kenosha, Wisconsin, Equity Act of 1989

Kenosha, Wisconsin, Equity Act of 1989 - Amends the Tax Reform Act of 1986 to enable the city of Kenosha, Wisconsin, to issue tax-exempt bonds to finance its downtown redevelopment project.

 
HR 3738 IH
101st CONGRESS
1st Session
 H. R. 3738
To amend the Tax Reform Act of 1986 to correct technical errors in the
description of certain projects located in Kenosha, Wisconsin.
IN THE HOUSE OF REPRESENTATIVES
November 19, 1989
Mr. MOODY (for himself and Mr. ASPIN) introduced the following bill; which
was referred to the Committee on Ways and Means
A BILL
To amend the Tax Reform Act of 1986 to correct technical errors in the
description of certain projects located in Kenosha, Wisconsin.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Kenosha, Wisconsin, Equity Act of 1989'.
SEC. 2. TECHNICAL CORRECTION OF PROJECT DESCRIPTIONS.
  (a) TREATMENT UNDER DEPRECIATION CHANGES- Subparagraph (M) of section
  204(a)(32) of the Tax Reform Act of 1986 is amended to read as follows:
  `(M) Property which is part of the Kenosha downtown redevelopment project
  and which is financed with the proceeds of bonds issued pursuant to
  section 1317(6)(W). Section 203(b)(2) shall be applied to such property
  by substituting `September 3, 1999' for `January 1, 1989' and `January
  1, 1991'.'
  (b) TREATMENT UNDER TAX-EXEMPT BOND CHANGES- Subparagraph (W) of section
  1317(6) of the Tax Reform Act of 1986 is amended to read as follows:
  `(W) A project is described in this subparagraph if such project is--
  `(i) a part of the Kenosha downtown redevelopment project, and
  `(ii) located in an area bounded--
  `(I) on the east by the east wall of the Army Corps of Engineers Confined
  Disposal Facility (extended),
  `(II) on the north by 48th Street extended,
  `(III) on the west by the present Chicago and Northwestern Railroad
  tracks, and
  `(IV) on the south by the north line of Eichelman Park (60th Street)
  (extended).
The aggregate face amount of bonds to which this subparagraph applies shall
not exceed $105,000,000. Paragraph (52) of this section shall be applied to
bonds authorized under this subparagraph by substituting `September 3, 1996'
for `December 31, 1990'. In applying subparagraph (Y) of this paragraph, bonds
authorized under this subparagraph shall be treated as qualified redevelopment
bonds notwithstanding that the facilities to be financed are not identified at
the time the bonds are issued if all such facilities financed with the proceeds
of the bonds would have been eligible facilities had they been so identified.'
  (c) EFFECTIVE DATE- The amendments made by this Act shall take effect as
  if included in the amendments made by the Tax Reform Act of 1986 to which
  they relate.