H.R. 846 (ih) To amend the Internal Revenue Code of 1986 to require gain recognition in the case of certain transactions that are equivalent to sales of financial instruments, and for other purposes. ...

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108th CONGRESS
  1st Session
                                H. R. 845

 To amend the Internal Revenue Code of 1986 to exclude from the gross 
    income of interest on bank loans made to churches and religious 
                             organizations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2003

  Mr. Royce introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to exclude from the gross 
    income of interest on bank loans made to churches and religious 
                             organizations.

    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 the ``Community Faith-based Lending 
Improvement Act of 2003''.

SEC. 2. EXCLUSION OF INTEREST ON BANKING LOANS MADE TO CHURCHES AND 
              RELIGIOUS ORGANIZATIONS.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by inserting after section 139 the 
following new section:

``SEC. 139A. BANKING LOANS TO CHURCHES AND RELIGIOUS ORGANIZATIONS.

    ``Gross income shall not include interest received from loans by 
banks (as defined in section 581) to churches and religious 
organizations described in section 501(c)(3) that are exempt from tax 
under section 501(a).''
    (b) Clerical Amendment.--The table of sections for such part III is 
amended by adding at the end the following new item:

                              ``Sec. 139A. Banking loans to churches 
                                        and religious organizations.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of enactment of this 
Act.
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