S. 3171 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to exclude certain tax-exempt financing of energy…
Full title
A bill to amend the Internal Revenue Code of 1986 to exclude certain tax-exempt financing of energy transportation infrastructure from the private business use tests, and for other purposes.
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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
BarrassoSponsorNo cosponsors.
Amends the Internal Revenue Code to: (1) modify tax-exempt bond financing rules to exclude from the private business use and private loan financing tests certain property used to transmit electricity or carbon dioxide or to transport crude oil and other petroleum products; and (2) reduce the state volume cap for tax-exempt bonds by the amount of bonds…
What it does: CRS summary · Introduced in Senate · Jun 19, 2008
Amends the Internal Revenue Code to: (1) modify tax-exempt bond financing rules to exclude from the private business use and private loan financing tests certain property used to transmit electricity or carbon dioxide or to transport crude oil and other petroleum products; and (2) reduce the state volume cap for tax-exempt bonds by the amount of bonds issued for such property.
Describes the following as acts that unreasonably burden and discriminate against interstate commerce, and prohibits states, political subdivisions, and any other taxing authority from: (1) assessing natural gas pipeline property at a value that has a higher ratio to its true market value than the ratio used to assess other commercial and industrial property in the same assessment jurisdiction; (2) levying or collecting a tax on such an assessment; (3) levying or collecting an ad valorem property tax on natural gas pipeline property at a rate that exceeds the rate applicable to commercial and industrial property in the same assessment jurisdiction; or (4) imposing any other tax that discriminates against a natural gas pipeline providing transportation subject to the jurisdiction of the Federal Energy Regulatory Commission.
Grants jurisdiction to U.S. District Courts and provides specified relief for claims of discriminatory taxation of natural gas pipeline property.
Amends federal transportation law to modify the criteria for natural gas pipeline integrity reassessments to require the Secretary of Transportation to issue regulations basing the intervals for reassessments on certain technical data, risk factors, and engineering analysis.
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 exclude certain tax-exempt financing of energy transportation infrastructure from the private business use tests, and for other purposes.
Latest action (Jun 19, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jun 19, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.