S. 1264 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to provide a credit to holders of rural renaissance bonds.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ColemanSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to allow holders of rural renaissance bonds a tax credit of 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury.
What it does: CRS summary · Introduced in Senate · May 2, 2007
Amends the Internal Revenue Code to allow holders of rural renaissance bonds a tax credit of 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury. Defines "rural renaissance bond" as any bond issued by a rural renaissance bond lender, a cooperative electric company, or a governmental body that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, distance learning or telemedicine programs, rural electric and telephone programs, and broadband access programs.
Sets forth rules for bond refinancing, maturity limitations, and allocations, including a requirement that 95% of the proceeds from the sale of a rural renaissance bond be spent on qualified projects within five years from the date of a bond issuance.
Terminates the authority for issuing rural renaissance bonds after 2008.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to provide a credit to holders of rural renaissance bonds.
Latest action (May 2, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 2, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.