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United States · Bill · HR

H.R. 7319 (96th)

A bill to amend the Internal Revenue Code of 1954 to clarify the tax exemption for interest on obligations of volunteer fire departments.

referredUnited States· United States Congress· EN

Introduced

8 May 1980

Last action

8 May 1980 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Evans, David W. [D-IN-6], Rep. Bevill, Tom [D-AL-4], Rep. Carter, Tim Lee [R-KY-5], Rep. Downey, Thomas J. [D-NY-2], Rep. Duncan, John J. [R-TN-2], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Frenzel, Bill [R-MN-3], Rep. Cleveland, James C. [R-NH-2], Rep. Guyer, Tennyson [R-OH-4], Rep. Jacobs, Andrew, Jr. [D-IN-10], Rep. McDade, Joseph M. [R-PA-10], Rep. Murphy, Austin J. [D-PA-20], Rep. Neal, Stephen L. [D-NC-5], Rep. Petri, Thomas E. [R-WI-6], Rep. Scheuer, James H. [D-NY-8], Rep. Solomon, Gerald B. H. [R-NY-22], Rep. Walker, Robert S. [R-PA-16], Rep. Hughes, William J. [D-NJ-2], Rep. Panetta, Leon [D-CA-16], Rep. Roe, Robert A. [D-NJ-8], Sen. Simon, Paul [D-IL], Rep. Tauke, Thomas Joseph [R-IA-2], Rep. Whitehurst, G. William [R-VA-2], Rep. Jenrette, John W., Jr. [D-SC-6], Rep. Ottinger, Richard L. [D-NY-20], Rep. Gingrich, Newt [R-GA-6], Rep. Spellman, Gladys Noon [D-MD-5]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

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 the obligation of a political subdivision of a State (interest on such bonds is tax-exempt). Provides that a volunteer fire department qualifies for preferential 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; (3) receives over half of its funding from local government; and (4) makes no charge for its services.

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

Timeline

  1. 8 May 1980

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 8 May 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 8 May 1980

    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

Leesvertaling

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Sponsors

Related records

Sources

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