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.
Actions
Jul 25, 2019
Referred to the House Committee on Ways and Means.