Description of Tax Bills (S. 90, S. 150, S. 267, S. 284, S. 649, And S. 913) : Scheduled for a Hearing Before the Subcommittee On Taxation of the Senate Committee On Finance On June 12, 1991 Jcs-7-91

Cover Description of Tax Bills (S. 90, S. 150, S. 267, S. 284, S. 649, And S. 913) : Scheduled for a Hearing Before the Subcommittee On Taxation of the Senate Committee On Finance On June 12, 1991 Jcs-7-91
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The category of infrastructure is so broad that use of a single ADR life will result in depreciable lives that are totally unrelated to the economic life of the asset.
2. S. 150 (Senators Moynihan, Danforth, Boren, Chafee, Pryor, Daschle, Symms, and Others): "The Higher Education Tax-Exempt Bond Reform Act of 1991" Present Law In general Present law generally excludes from income interest on State and local government bonds if the bonds are issued to finance direct activities of these governmen
...ts (sec. 103). Interest on bonds issued by States and local governments to finance activities of other persons, e.g., private activity bonds, is taxable unless a specif- ic exception is included in the Code. One such exception is for pri- vate activity bonds issued to finance activities of charitable organi- zations described in section 501(c)(3) ("section 501(c)(3) organiza- tions") when the activities do not constitute an unrelated trade or business (sec. 141(e)(1)(G)).
Classification of section 501(c)(3) organization bonds as private ac- tivity bonds Before enactment of the Tax Reform Act of 1986, State and local governments and section 501(c)(3) organizations were defined as "exempt persons," and their bonds generally were subject to the same requirements.


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