Home > 106th Congressional Bills > S. 3146 (is) To preserve the sovereignty of the United States over public lands and acquired lands owned by the United States, and to preserve State sovereignty and private property rights in non-Federal lands surrounding those public lands and acquired l...
S. 3146 (is) To preserve the sovereignty of the United States over public lands and acquired lands owned by the United States, and to preserve State sovereignty and private property rights in non-Federal lands surrounding those public lands and acquired l...
106th CONGRESS
2d Session
S. 3145
To amend the Internal Revenue Code of 1986 to clarify the treatment
under the tax-exempt bond rules of prepayments for certain commodities.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 2 (legislative day, September 22), 2000
Mr. Breaux introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to clarify the treatment
under the tax-exempt bond rules of prepayments for certain commodities.
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 ``Municipal Utility Fairness Act of
2000''.
SEC. 2. ARBITRAGE RULES NOT TO APPLY TO PREPAYMENTS FOR NATURAL GAS AND
OTHER COMMODITIES.
(a) In General.--Subsection (b) of section 148 of the Internal
Revenue Code of 1986 (defining higher yielding investments) is amended
by adding at the end the following new paragraph:
``(4) Exception for certain prepayments to ensure commodity
supply.--The term `investment property' shall not include a
prepayment by an issuer of bonds in order to ensure the supply
of a commodity necessary to, and used in a business of, a
governmental unit.''
(b) Effective Date.--The amendment made by this section shall take
effect as if included in the amendments made by section 1301 of the Tax
Reform Act of 1986.
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