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 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; (3) receives over half of its funding from local government; and (4) makes no charge for its services.

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Timeline

1. 9 April 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 9 April 1981

   Committee

   Subcommittee on Taxation and Debt Management took the following actions.

   Source: Committee

3. 9 April 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 17 April 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

5. 22 May 1981

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held.

   Source: Committee

6. 26 June 1981

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held.

   Source: Committee

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 · 9 April 1981

  Open at official source

Sponsors

• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Quayle, Dan [R-IN] · R · Sponsor
• Sen. Pressler, Larry [R-SD] · 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.