To amend the Internal Revenue Code of 1986 to restrict the use of tax-exempt financing by governmentally owned electric utilities and to subject certain activities of such utilities to income tax.

Summary

Amends the Internal Revenue Code to revise the definition of a private activity bond to include a bond issued for the construction or acquisition of a governmental electric output facility, except for a bond issued for the construction or acquisition of a local governmental electric output facility (as defined). Subjects to taxation income derived by any governmental utility from sales of electric energy services to persons: (1) not within a qualified governmental service area of such utility; and (2) for resale if such resale is to persons outside such service area. Sets forth exceptions.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 March 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 24 March 1999

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• Introduced in House

  summary · EN · 24 March 1999

  Open at official source

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