A bill to amend the Internal Revenue Code of 1954 to provide that the tax-exempt treatment allowed to certain industrial development bonds be restricted to bonds the proceeds of which are to be used within economic development areas, and to allow national banks to underwrite these bonds.
Economic Development Revenue Bond Act - Amends the Internal Revenue Code to restrict the tax exclusion of interest on industrial development bonds to issues having an aggregate face amount of $50,000,000 or less, the proceeds of which are to be used for the acquisition, construction or improvement of land or depreciable property in certified economic development areas, or for the redemption of such issues. Provides for the annual certification by the Secretary of Commerce of qualified areas which meet the criteria and purpose of the Public Works and Economic Development Act.
Allows the continued exclusion of industrial development bonds excludable before this Act where the bonds were issued or authorized before enactment, or where a governmental unit or other person has made specified types of financial commitments relating to such issues before enactment.
Allows national banks to deal in and underwrite industrial development bonds for economic development areas.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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