S.808 - Tribal Government Tax-Exempt Bond Authority Amendments Act of 1997105th Congress (1997-1998)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 05/23/1997)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/23/1997 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.808 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in Senate (05/23/1997)
Tribal Government Tax-Exempt Bond Authority Amendments Act of 1997 - Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds by an Indian tribal government if at least 95 percent of the net proceeds are used to finance tribal facilities. Provides for the tax-exempt treatment of any private activity bond issued by an Indian tribal government or subdivision as a qualified bond. Prescribes specific ownership restrictions and an employment test. Exempts from the exclusion any bond issued by such tribal government or subdivision unless it is federally guaranteed.
Amends the Securities Act of 1933 to exempt obligations issued by an Indian tribal government or subdivision from registration requirements.