S.1526 - Tribal Government Tax-Exempt Bond Fairness Act of 2003108th Congress (2003-2004)
|Sponsor:||Sen. Campbell, Ben Nighthorse [R-CO] (Introduced 07/31/2003)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/31/2003 Read twice and referred to the Committee on Finance. (All Actions)|
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Text: S.1526 — 108th Congress (2003-2004)All Information (Except Text)
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Introduced in Senate (07/31/2003)
[Congressional Bills 108th Congress] [From the U.S. Government Printing Office] [S. 1526 Introduced in Senate (IS)] 108th CONGRESS 1st Session S. 1526 To amend the Internal Revenue Code of 1986 to provide for the treatment of Indian tribal governments as State governments for purposes of issuing tax-exempt governmental bonds, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 31 (legislative day, July 21), 2003 Mr. Campbell (for himself and Mr. Inouye) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide for the treatment of Indian tribal governments as State governments for purposes of issuing tax-exempt governmental bonds, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act maybe cited as the ``Tribal Government Tax-Exempt Bond Fairness Act of 2003''. SEC. 2. DECLARATIONS AND AFFIRMATIONS. Congress declares and affirms that-- (1) The United States Constitution, United States Federal court decisions, and United States statutes recognize that Indian tribes are governments, retaining sovereign authority over their lands. (2) Through treaties, statutes, and Executive orders, the United States set aside Indian reservations to be used as ``permanent homelands'' for Indian tribes. (3) As governments, Indian tribes have the responsibility and authority to provide governmental services, develop tribal economies, and build community infrastructure to ensure that Indian reservation lands serve as livable ``permanent homelands''. (4) Congress is vested with the authority to regulate commerce with Indian tribes, and hereby exercises that authority and affirms the United States government-to- government relationship with Indian tribes. SEC. 3. MODIFICATIONS OF AUTHORITY OF INDIAN TRIBAL GOVERNMENTS TO ISSUE TAX-EXEMPT BONDS. (a) In General.--Subsection (c) of section 7871 of the Internal Revenue Code of 1986 (relating to Indian tribal governments treated as States for certain purposes) is amended to read as follows: ``(c) Additional Requirements for Tax-Exempt Bonds.-- ``(1) In general.--Subsection (a) of section 103 shall apply to any obligation issued by an Indian tribal government (or subdivision thereof) only if-- ``(A) such obligation is part of an issue 95 percent or more of the net proceeds of which are to be used to finance any facility located on an Indian reservation, or ``(B) such obligation is part of an issue substantially all of the proceeds of which are to be used in the exercise of any essential governmental function. ``(2) Exclusion of gaming.--An obligation described in subparagraph (A) or (B) of paragraph (1) may not be used to finance any portion of a building in which class II or III gaming (as defined in section 4 of the Indian Gaming Regulatory Act (25 U.S.C. 2702)) is conducted or housed. ``(3) Definitions.--For purposes of this subsection-- ``(A) Indian tribe.--The term `Indian tribe' means any Indian tribe, band, nation, pueblo, or other organized group or community, including any Alaska Native village, or regional or village corporation, as defined in or established pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.), which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians. ``(B) Indian reservation.--The term `Indian reservation' means-- ``(i) a reservation, as defined in section 4(10) of the Indian Child Welfare Act of 1978 (25 U.S.C. 1903(10)), and ``(ii) lands held under the provisions of the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.) by a Native corporation as defined in section 3(m) of such Act (43 U.S.C. 1602(m)).''. SEC. 4. EXEMPTION FROM REGISTRATION REQUIREMENTS. The first sentence of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c(a)(2)) is amended by inserting ``or by any Indian tribal government or subdivision thereof (within the meaning of section 7871 of the Internal Revenue Code of 1986),'' after ``or Territories,''. SEC. 5. EFFECTIVE DATE. The amendments made by this Act shall apply to obligations issued after the date of the enactment of this Act. <all>