Summary: H.R.3967 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.3967. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/25/2019)

Municipal Bond Market Support Act of 2019

This bill amends the Internal Revenue Code, with respect to the limitations on deductions for interest expenses of financial institutions that hold tax-exempt bonds, to:

  • permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that may be issued to qualify for the small issuer exception to the tax-exempt interest expense allocation rules;
  • require the limit for the small issuer exception to be adjusted for inflation after 2019;
  • make permanent the rule that allows qualified 501(c)(3) bonds to be treated is if they were issued by the tax-exempt organization for whose benefit the bond was issued; and
  • make permanent the special rule for the tax treatment of qualified financings used to make or finance loans to certain states, political subdivisions, or tax-exempt organizations.