Summary: H.R.7319 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.7319. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/08/1980)

Amends the Internal Revenue Code to provide that bonds issued by a volunteer fire department to finance the acquisition, construction, reconstruction, or improvement of firefighting property shall be treated as the obligation of a political subdivision of a State (interest on such bonds is tax-exempt). Provides that a volunteer fire department qualifies for preferential tax treatment of its bonds if it: (1) is organized and operated to provide firefighting services in an area which does not have any other firefighting services; (2) is required by a local government to furnish firefighting services; (3) receives over half of its funding from local government; and (4) makes no charge for its services.