A bill to amend the Internal Revenue Code of 1954 to provide an election under which State and local governments may issue taxable obligations and receive a Federal subsidy of 40 percent of the interest yield on such obligations.
Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the foregoing, or the District of Columbia, to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient.
Directs the Secretary of the Treasury to pay without condition or requirement 40 percent of the interest yield on each obligation for which the election of taxability has been made.
Introduced in Senate
Referred to Senate Committee on Finance.
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