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Code · BILL · 119th Congress · H.R. 6900 (Introduced in House) — To amend the Internal Revenue Code of 1986 to address the nation’s cost-of-living crisis. · Sec. 11601

Sec. 11601. Revision and clarification of the treatment of refunding issues

349 words·~2 min read·/bill/119/hr/6900/ih/section-11601·

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Subparagraph
(A)of section 146(i)(6) is amended to read as follows: During the 12-month period beginning on the date of a repayment of a loan financed by an issue 95 percent or more of the net proceeds of which are used to provide projects described in section 142(d), if such repayment is used to provide a new loan for any project described in section 142(a)(7) or for any purpose described in subsection (a)(2)(A) or
(b)of section 143, any bond which is issued to refinance such issue shall be treated as a refunding issue. Any issue treated as a refunding issue by reason of the preceding sentence shall be so treated only to the extent the principal amount of such refunding issue does not exceed the principal amount of the bonds refunded. . Subparagraph
(B)of section 146(i)(6) is amended— by striking 4 years in clause
(i)and inserting 10 years , by striking was issued in clause
(ii)and inserting is issued , by redesignating clauses
(i)(as so amended),
(ii)(as so amended), and
(iii)as subclauses (I), (II), and (III), respectively, and by moving such subclauses 2 ems to the right, by striking and inserting “ Limitations .—Subparagraph
(A)shall apply to only one refunding of the original issue and Limitations .— Subparagraph
(A)shall apply to a bond , and by adding at the end the following new clause: Subparagraph
(A)shall not apply to any repayment of a loan which is— made by a repayment of another loan, or financed by an issue treated as a refunding issue under subparagraph (A). . The heading of paragraph
(6)of section 146(i) is amended by striking and inserting residential rental project bonds as refunding bonds irrespective of obligor . bonds as refunding bonds The amendments made by subsections
(a)and
(c)shall apply to refunding issues described in section 146(i)(6)(A) of the Internal Revenue Code of 1986 issued on or after the date of the enactment of this Act. The amendments made by subsection
(b)shall apply to repayments of loans received after July 30, 2008.
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