Home > 106th Congressional Bills > S. 856 (is) To provide greater options for District of Columbia students in higher education. [Introduced in Senate] ...
S. 856 (is) To provide greater options for District of Columbia students in higher education. [Introduced in Senate] ...
108th CONGRESS
1st Session
S. 855
To amend the Internal Revenue Code of 1986 to modify the unrelated
business income limitation on investment in certain debt-financed
properties.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 10, 2003
Ms. Snowe (for herself, Mr. Bond, and Mr. Grassley) 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 modify the unrelated
business income limitation on investment in certain debt-financed
properties.
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 ``Small Business Investment Company
Capital Access Act of 2003''.
SEC. 2. MODIFICATION OF UNRELATED BUSINESS INCOME LIMITATION ON
INVESTMENT IN CERTAIN DEBT-FINANCED PROPERTIES.
(a) In General.--Section 514(c)(6) of the Internal Revenue Code of
1986 (relating to acquisition indebtedness) is amended--
(1) by striking ``include an obligation'' and inserting
``include--
``(A) an obligation'',
(2) by striking the period at the end and inserting ``,
or'', and
(3) by adding at the end the following:
``(B) indebtedness incurred by a small business
investment company licensed under the Small Business
Investment Act of 1958 which is evidenced by a
debenture--
``(i) issued by such company under section
303(a) of such Act, or
``(ii) held or guaranteed by the Small
Business Administration.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply to acquisitions made on or after the date of the enactment of
this Act.
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