S 1910
110th Congress
Senate
Taxation
Bonds
Economics and Public Finance
Environmental Protection
Federal aid to water pollution control
Finance and Financial Sector
Income tax
Potable water
Revolving funds
Tax exemption
Water Resources Development
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.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2007
Read twice and referred to the Committee on Finance.
Aug 1, 2007
Introduced in Senate
Plain-English summary
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).
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1