S.1245 - High-Speed Intercity Rail Transportation Bond Financing Act of 1987100th Congress (1987-1988)
|Sponsor:||Sen. Chiles, Lawton [D-FL] (Introduced 05/20/1987)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/24/1988 Committee on Finance. Hearings held. Hearings printed: S.Hrg. 100-674. (All Actions)|
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Summary: S.1245 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in Senate (05/20/1987)
High-Speed Intercity Rail Transportation Bond Financing Act of 1987 - Amends the Internal Revenue Code to add to the category of tax-exempt facility bonds any bonds that are part of an issue 95 percent or more of whose net proceeds are used to provide high-speed intercity rail facilities to be owned by a governmental unit and made available to the general public.
Exempts such bonds from: (1) the volume cap generally applicable to private activity bonds; and (2) limitations on the use of bond proceeds for land acquisition.