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S 138 IS
111th CONGRESS
1st Session
S. 138
To amend the Internal Revenue Code of 1986 to repeal alternative minimum tax limitations on private activity bond interest, and for other purposes.
IN THE SENATE OF THE UNITED STATES
January 6, 2009
Mr. KERRY (for himself, Ms. SNOWE, and Mrs. LINCOLN) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal alternative minimum tax limitations on private activity bond interest, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. REPEAL OF ALTERNATIVE MINIMUM TAX LIMITATIONS ON PRIVATE ACTIVITY BOND INTEREST.
(a) In General- Section 57(a)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
‘(D) TERMINATION- This paragraph shall not apply to bonds issued after the date of the enactment of this subparagraph. The preceding sentence shall not apply to any refunding bond unless such preceding sentence applied to the refunded bond (or in the case of a series of refundings, the original bond).’.
(b) No Adjustment to Adjusted Current Earnings- Clause (iii) of section 56(g)(4)(B) of the Internal Revenue Code of 1986 is amended to read as follows:
(c) Effective Date- The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.
U.S. Congress - Text of S.138 as Introduced in Senate A bill to amend the Internal Revenue Code of 1986 to repeal alternative minimum tax lim...
