A bill to amend the Tax Reform Act of 1984.

Summary

Amends the Tax Reform Act of 1984 to revise a special arbitrage rule. Provides, under the revision, that securities or obligations are not State and local bonds and are not subject to yield restrictions to the extent that on the date of issue of a bond issue which is payable from the investment earnings on such securities or obligations such securities or obligations are held in a fund: (1) which, except to the extent of the investment earnings on such securities or obligations, cannot be used, under State constitutional or statutory restrictions continuously in effect since October 9, 1969, through the date of issue of the bond issue, to pay debt service on the bond issue or to finance the facilities that are to be financed with the proceeds of the bonds; or (2) the annual distributions from which cannot exceed seven percent of the average fair market value of the assets held in such fund except to the extent distributions are necessary to pay debt service on the bond issue.

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Timeline

1. 24 February 2000

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 24 February 2000

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 24 February 2000 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 February 2000

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 February 2000

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 February 2000

  Open at official source

Sponsors

• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• · ssfi00 · Standing

Related records

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