To amend the Internal Revenue Code of 1986 to clarify the small issuer exception from the tax-exempt bond arbitrage rebate requirement.

Amends the Internal Revenue Code to revise provisions concerning the small ($5 million or less) issuer exception from the tax exempt bond arbitrage rebate requirement.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1171 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1171

To amend the Internal Revenue Code of 1986 to clarify the small issuer 
    exception from the tax-exempt bond arbitrage rebate requirement.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2005

Mr. Lewis of Kentucky introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to clarify the small issuer 
    exception from the tax-exempt bond arbitrage rebate requirement.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CLARIFICATION OF SMALL ISSUER EXCEPTION FROM TAX-EXEMPT BOND 
              ARBITRAGE REBATE REQUIREMENT.

    (a) In General.--Subclause (III) of section 148(f)(4)(D)(i) of the 
Internal Revenue Code of 1986 (relating to exception for governmental 
units issuing $5,000,000 or less of bonds) is amended by striking 
``(or'' and inserting a comma and by striking ``issuer)'' and inserting 
``issuer, or of 1 or more governmental units each of which meets the 
requirement of subclause (IV) and is located in the same State as the 
issuer''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.
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