H.R.3218 - Abandoned Mine Land Area Redevelopment Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Kanjorski, Paul E. [D-PA-11] (Introduced 11/01/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||11/01/2001 Referred to the House Committee on Ways and Means.|
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Summary: H.R.3218 — 107th Congress (2001-2002)All Bill Information (Except Text)
Abandoned Mine Land Area Redevelopment Act of 2001 - Amends the Internal Revenue Code to allow a credit for holders of qualified abandoned mine land area redevelopment bonds, as specified. Sets forth rules and formulae concerning the annual credit (including limits and carryover), the applicable credit rate, bond issuance and redemption, the amount of bonds designated, and a national volume cap.
Introduced in House (11/01/2001)
Includes the credit in gross income, to be treated as interest income. Permits the the credit to be stripped (owner of bond different from person entitled to the credit). Treats the allowed credit as a payment of estimated tax. Permits the credit to be transferred. Limits the program to ten years from the issuance of the first qualified abandoned mine land area redevelopment bond.