H.R.6048 - HBCU Investment Expansion Act114th Congress (2015-2016)
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 09/15/2016)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 09/15/2016 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.6048 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (09/15/2016)
HBCU Investment Expansion Act
This bill amends the Securities Act of 1933 to exempt qualified 501(c)(3) bonds issued after the enactment of this bill on behalf of a historically black college or university from state and local taxes.
The bill also amends the Internal Revenue Code to allow a tax credit for jurisdictions that forgo taxes with respect to the interest payments under such a bond. The credit is equal to the total amount of interest paid on such a bond during the taxable year. The Department of the Treasury must pay the credit to the qualifying jurisdiction as soon as practicable after the recipient of the interest payments files a tax return with the jurisdiction.