Summary: H.R.1080 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1080. Bill summaries are authored by CRS.

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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.