Summary: S.1245 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for S.1245. Bill summaries are authored by CRS.

Shown Here:
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.