Summary: H.R.7117 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.7117. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/22/1980)

Amends the Internal Revenue Code to exclude from gross income interest earned on industrial development bonds, substantially all of the proceeds of which are used to provide financing for railroad rehabilitation. Includes in such rehabilitation: (1) the acquisition, construction, reconstruction, or erection of any roadbed, track, trestle, depot, switching and signaling equipment, but not rolling stock; or (2) the acquisition of land or rights- of-way.