H.R.1080 - HBCU Investment Expansion Act115th Congress (2017-2018) |
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 02/15/2017)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 02/15/2017 Referred to House Financial Services (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1080 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/15/2017)
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.