H.R. 3767 (ih) To nullify a certain regulation regarding the operation of the Organ Procurement and Transplantation Network. ...

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108th CONGRESS
  2d Session
                                H. R. 3766

   To provide for tax-exempt financing for United Nations facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2004

Mr. Houghton (for himself and Mr. Payne) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To provide for tax-exempt financing for United Nations facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as ``United Nations Facility Financing 
Restoration Act''.

SEC. 2. TAX-EXEMPT FINANCING FOR UNITED NATIONS FACILITIES.

    (a) In General.--Section 145 of the Internal Revenue Code of 1986 
(relating to qualified 501(c)(3) bonds) is amended by adding at the end 
the following new subsection:
    ``(f) Special Rule Relating to Bonds for United Nations 
Facilities.--
            ``(1) In general.--For purposes of this part, the term 
        `qualified 501(c)(3) bond' includes a bond issued as part of an 
        issue 95 percent or more of the net proceeds of which are used 
        to provide a United Nations facility described in paragraph 
        (2). Such bonds need not satisfy the requirements of paragraphs 
        (1) and (2) of subsection (a).
            ``(2) United nations facility.--For purposes of paragraph 
        (1), the term `United Nations facility' means property used by 
        the United Nations or any agency or instrumentality thereof, 
        whether or not constituting a 501(c)(3) organization, so long 
        as--
                    ``(A) such property is used in conjunction with, 
                but is outside, the United Nations headquarters 
                district, as defined in Annex 1 to the Agreement 
                between the United Nations and the United States of 
                America, as approved August 4, 1947; and
                    ``(B) costs for such United Nations facility are 
                first incurred after April 1, 2002.
            ``(3) Financing not treated as loan.--For purposes of 
        section 148, financing of such United Nations facility shall 
        not be treated as a loan to the United Nations or otherwise by 
        reason of unencumbered ownership by the United Nations of such 
        United Nations facility when such bond is no longer 
        outstanding.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>

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