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S 3518 110th Congress Senate

Municipal Bond Market Support Act of 2008

Official title: A bill to amend the Internal Revenue Code of 1986 to modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds, and for other purposes.

Introduced: September 18, 2008 See on congress.gov
Taxation BondsBrokersEconomics and Public FinanceFinance and Financial Sector
More subjectsShow fewer subjects
Government Operations and PoliticsIncome taxIndexing (Economic policy)InterestLocal financeTax deductionsTax exemption
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 18, 2008
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9031)
Sep 18, 2008
Sponsor introductory remarks on measure. (CR S9030-9031)
Sep 18, 2008
Introduced in Senate
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 Latest action September 18, 2008

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9031)

 Plain-English summary Congressional Research Service

Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

 Related & companion bills 1
  • HR 6333 Related bill Municipal Bond Market Support Act of 2008
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Crapo, Mike
Idaho · Sep 18, 2008
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3518: Municipal Bond Market Support Act of 2008. 110th Congress. Open America. https://openamerica.io/bill/110-S-3518/
MLA
"S. 3518: Municipal Bond Market Support Act of 2008." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-3518/.
Bluebook (legal)
S. 3518, 110th Cong. (2026), https://openamerica.io/bill/110-S-3518/.
Markdown link
[S. 3518: Municipal Bond Market Support Act of 2008](https://openamerica.io/bill/110-S-3518/)
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