A bill to amend the Internal Revenue Code of 1986 to exclude certain tax-exempt financing of energy transportation infrastructure from the private business use tests, and for other purposes.
Latest action · Jun 19, 2008 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 19, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to: (1) modify tax-exempt bond financing rules to exclude from the private business use and private loan financing tests certain property used to transmit electricity or carbon dioxide or to transport crude oil and other petroleum products; and (2) reduce the state volume cap for tax-exempt bonds by the amount of bonds issued for such property.
Describes the following as acts that unreasonably burden and discriminate against interstate commerce, and prohibits states, political subdivisions, and any other taxing authority from: (1) assessing natural gas pipeline property at a value that has a higher ratio to its true market value than the ratio used to assess other commercial and industrial property in the same assessment jurisdiction; (2) levying or collecting a tax on such an assessment; (3) levying or collecting an ad valorem property tax on natural gas pipeline property at a rate that exceeds the rate applicable to commercial and industrial property in the same assessment jurisdiction; or (4) imposing any other tax that discriminates against a natural gas pipeline providing transportation subject to the jurisdiction of the Federal Energy Regulatory Commission.
Grants jurisdiction to U.S. District Courts and provides specified relief for claims of discriminatory taxation of natural gas pipeline property.
Amends federal transportation law to modify the criteria for natural gas pipeline integrity reassessments to require the Secretary of Transportation to issue regulations basing the intervals for reassessments on certain technical data, risk factors, and engineering analysis.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jun 19, 2008Introduced in Senate
- Jun 19, 2008Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative procedure
- Air pollution control
- Bonds
- Carbon dioxide
- Commerce
- Department of Transportation
- Electric power transmission
- Energy
- Energy transportation
- Environmental Protection
- Finance and Financial Sector
- Government Operations and Politics
- Income tax
- Law
- Local taxation
- Natural gas
- Petroleum
- Pipelines
- Property tax
- Restrictive trade practices
- State taxation
- Taxation
- Transportation and Public Works
Text 1
Each version as it was printed, newest first.
- Jun 19, 2008Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.