S. 1910 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and…
Full title
A bill to amend the Internal Revenue Code of 1986 to provide that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code.
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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.
D
ReedSponsor4 cosponsors · 3 D, 1 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to exclude any amount derived from an investment of federal grant or related state matching amounts made in connection with any revolving fund established under the Federal Water Pollution Control Act or the Safe Drinking Water Act from a determination of whether a bond is an arbitrage bond (thus allowing states to retain…
What it does: CRS summary · Introduced in Senate · Aug 1, 2007
Amends the Internal Revenue Code to exclude any amount derived from an investment of federal grant or related state matching amounts made in connection with any revolving fund established under the Federal Water Pollution Control Act or the Safe Drinking Water Act from a determination of whether a bond is an arbitrage bond (thus allowing states to retain arbitrage earnings from state revolving loan funds).
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 that amounts derived from Federal grants and State matching funds in connection with revolving funds established in accordance with the Federal Water Pollution Control Act and the Safe Drinking Water Act will not be treated as proceeds or replacement proceeds for purposes of section 148 of such Code.
Latest action (Aug 1, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 1, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.