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

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 bond 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.

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Timeline

1. 29 May 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 29 May 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 · 29 May 1980

  Open at official source

Sponsors

• Sen. Bayh, Birch [D-IN] · D · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• · ssfi00 · Standing

Related records

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