Municipal Bond Fund Act

Summary

Authorizes regulated investment companies, under the Internal Revenue Code, to pay exempt-interest dividends in an amount up to 90 percent of the excess of its tax-exempt interest without affecting its tax-exempt status. Allows shareholders to treat such exempt-interest dividends as excludable from gross income. Disallows that portion of the deduction for expenses and interest relating to tax-exempt income which the amount of such company's exempt-income bears to its gross income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 February 1976

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 February 1976

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 February 1976

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 18 February 1976

  Open at official source

Sponsors

• Rep. Steiger, William A. [R-WI-6] · R · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Municipal Bond Fund Act
• related to ← Municipal Bond Fund Act
• related to ← A bill to extend the Marine Protection, Research and Sanctuaries Act for two years.