Volunteer Fire Department and Rescue Squad Act of 1981

Summary

Volunteer Fire Department and Rescue Squad Act of 1981 - Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as obligations of a local government and the interest on such bonds shall be excluded from gross income. Provides that a volunteer fire department qualifies for such tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; and (3) makes no charge for its services.

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1 official file

• Introduced in House

  summary · EN · 23 July 1981

  Open at official source

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