HR 3967
116th Congress
House
Taxation
Income tax deductions
Income tax exclusion
Inflation and prices
Interest, dividends, interest rates
Securities
State and local finance
Tax-exempt organizations
Municipal Bond Market Support Act of 2019
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2019
Referred to the House Committee on Ways and Means.
Jul 25, 2019
Introduced in House
Plain-English summary
Municipal Bond Market Support Act of 2019
This bill amends the Internal Revenue Code, with respect to the limitations on deductions for interest expenses of financial institutions that hold tax-exempt bonds, to:
- permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that may be issued to qualify for the small issuer exception to the tax-exempt interest expense allocation rules;
- require the limit for the small issuer exception to be adjusted for inflation after 2019;
- make permanent the rule that allows qualified 501(c)(3) bonds to be treated is if they were issued by the tax-exempt organization for whose benefit the bond was issued; and
- make permanent the special rule for the tax treatment of qualified financings used to make or finance loans to certain states, political subdivisions, or tax-exempt organizations.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1