S.2919 - A bill to amend the Internal Revenue Code of 1986 to provide funding for Indian tribal prison facilities, and for other purposes.108th Congress (2003-2004)
|Sponsor:||Sen. Baucus, Max [D-MT] (Introduced 10/07/2004)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/07/2004 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2919 — 108th Congress (2003-2004)All Information (Except Text)
Introduced in Senate (10/07/2004)
Amends the Internal Revenue Code to allow a nonrefundable tax credit for investment in Indian tribal prison facility bonds. Requires that 95 percent of the proceeds of such bonds be used for the construction, acquisition, rehabilitation, expansion, or operating expenses of Indian tribal prison facilities and that the term of such bonds not exceed ten years.
Establishes a national limitation for Indian tribal prison facility bonds in 2005 through 2007, with no limitation after 2007. Allows a carryover of unused bond limitation amounts to succeeding calendar years. Directs the Secretary of the Treasury to allocate bond amounts to Indian tribes based upon specified criteria, including overcrowding, the condition of existing facilities, the health and safety of both inmates and prison employees, and other financial resources available to an Indian tribe.