Economic Development Revenue Bond Act

Summary

Economic Development Revenue Bond Act - Amends the Internal Revenue Code to repeal the present tax exclusion for interest from industrial development bonds used to finance (1) residential real property for family units, (2) sports facilities, (3) convention or trade show facilities, (4) airports, docks, and mass commuting facilities, (5) solid waste disposal facilities or facilities for the local furnishing of electric energy or gas, (6) air or water pollution control facilities, and (7) facilities for the furnishing of water. Provides an exclusion for interest from any obligation issued as part of an issue the aggregate face amount of which is $10,000,000 or less and substantially all of the proceeds of which are used: (1) for the acquistion, construction, reconstruction, or improvement of land which is located within an economic development area or of property which is of a character subject to the allowance for depreciation and which is to be used predominantly at a location within an economic development area; or (2) to redeem part or all of a prior issue which was issued for purposes described in (1). Stipulates that the exclusion provided by this Act shall not apply with respect to any obligation for any period during which it is held by a person who is a subtantial user of the facilities or a related person. Defines an economic development area for purposes of this Act as an area certified by the Secretary of Commerce as meeting the requirements of such an area for purposes of the Public Works and Economic Development Act of 1965. States that this Act shall apply to taxable years ending after the date of enactment of this Act, but, only with repect to obligations issued after such date.

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1 official file

• Introduced in House

  summary · EN · 7 June 1976

  Open at official source

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