Sec. 2. Tax exemption for HBCU bonds

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Securities Act of 1933 ( 15 U.S.C. 77aa et seq. ) is amended by inserting after section 28 the following: A qualified 501(c)(3) bond (as defined in section 145 of the Internal Revenue Code of 1986) issued after the date of the enactment of the HBCU Investment Expansion Act on behalf of a historically Black college or university shall be exempt from taxation by any State, Territory, or possession, or by any county, municipality, or other municipal subdivision of any State, territory, or possession of the United States, or by the District of Columbia.

For purposes of this section, the term historically Black college or university means a part B institution (as defined in section 322(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1061(2) ). .

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U.S. Code

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Sec. 2

Tax exemption for HBCU bonds

U.S.C.§ 77aa

U.S.C.§ 1061

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