A bill to amend the Internal Revenue Code of 1954 to exclude from taxation interest earned on obligations substantially all of the proceeds of which are used to provide financing for railroad rehabilitation.

Summary

Amends the Internal Revenue Code to exclude from gross income interest earned on industrial development bonds substantially all of the proceeds of which are used to provide financing for railroad rehabilitation. Includes in such rehabilitation: (1) the acquisition, construction, reconstruction, or erection of any roadbed, track, trestle, depot, switching and signaling equipment, but not rolling stock; or (2) the acquisition of land or rights-of-way.

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Timeline

1. 27 March 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 27 March 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 27 March 1980

  Open at official source

Sponsors

• Sen. Culver, John C. [D-IA] · D · Sponsor
• Sen. McGovern, George [D-SD] · D · Cosponsor
• Rep. Baucus, Max [D-MT-1] · D · Cosponsor
• Sen. Durkin, John A. [D-NH] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to exclude from taxation interest earned on obligations substantially all of the proceeds of which are used to provide financing for railroad rehabilitation.