To amend the Internal Revenue Code of 1986 to create a safe harbor for certain perpetual trust funds.
Keeping Texas School Construction Costs Down Act of 2023
This bill creates a safe harbor for certain perpetual trust funds. It excludes from the definition of investment property under arbitrage provisions any fund created and controlled by a state and established pursuant to its constitution or state law if on a specified date, substantially all of the assets of the fund consist of nonfinancial assets and the assets are used only to support specifically designated essential governmental functions.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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