Municipal Bond Market Support Act of 2008
Latest action · Sep 18, 2008 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9031)
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.
- IntroducedSep 18, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.
Cosponsors 1
Members who signed on, in the order they did. All signed on Sep 18, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-ID | Mike Crapo | Original | Sep 18, 2008 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Sep 18, 2008 |
Actions 3
Everything that happened, newest first.
- Sep 18, 2008Introduced in Senate
- Sep 18, 2008Sponsor introductory remarks on measure. (CR S9030-9031)
- Sep 18, 2008Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9031)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S9030Text printed S9031 | Jeff Bingaman D-NM (text) | Sep 18, 2008 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6333 | Municipal Bond Market Support Act of 2008 | Related bill | Jun 20, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds, and for other purposes.
- Short Titles as Introduced
- Municipal Bond Market Support Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 18, 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
