S.1500 - A bill to amend the Internal Revenue Code of 1986 to modify the tax credit for holders of qualified zone academy bonds.108th Congress (2003-2004)
|Sponsor:||Sen. Conrad, Kent [D-ND] (Introduced 07/30/2003)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/30/2003 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1500 — 108th Congress (2003-2004)All Information (Except Text)
Amends the Internal Revenue Code to include construction as a "qualified purpose" for the spending of a "qualified zone academy bond" (95 percent of such bond proceeds must be spent on a "qualified purpose").
Introduced in Senate (07/30/2003)
Allows the credit retained by a regulated investment company for its holding of a zone academy bond to be distributed to the company's shareholders. Permits such credits to be stripped.