Posted on 02/08/2004 10:36:28 AM PST by JuliaWinger
Funding the UN
Grrrrrrrrr.
Julia
United Nations Facility Financing Restoration Act (Introduced in House)
HR 3766 IH
108th CONGRESS
2d Session
H. R. 3766 To provide for tax-exempt financing for United Nations facilities.
IN THE HOUSE OF REPRESENTATIVES
February 4, 2004 Mr. HOUGHTON (for himself and Mr. PAYNE) introduced the following bill; which was referred to the Committee on Ways and Means -----------------------
A BILL To provide for tax-exempt financing for United Nations facilities.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as `United Nations Facility Financing Restoration Act'.
SEC. 2. TAX-EXEMPT FINANCING FOR UNITED NATIONS FACILITIES.
(a) In General- Section 145 of the Internal Revenue Code of 1986 (relating to qualified 501(c)(3) bonds) is amended by adding at the end the following new subsection:
`(f) Special Rule Relating to Bonds for United Nations Facilities-
`(1) In general- For purposes of this part, the term `qualified 501(c)(3) bond' includes a bond issued as part of an issue 95 percent or more of the net proceeds of which are used to provide a United Nations facility described in paragraph (2). Such bonds need not satisfy the requirements of paragraphs (1) and (2) of subsection (a).
`(2) United nations facility- For purposes of paragraph (1), the term `United Nations facility' means property used by the United Nations or any agency or instrumentality thereof, whether or not constituting a 501(c)(3) organization, so long as--
`(A) such property is used in conjunction with, but is outside, the United Nations headquarters district, as defined in Annex 1 to the Agreement between the United Nations and the United States of America, as approved August 4, 1947; and
`(B) costs for such United Nations facility are first incurred after April 1, 2002.
`(3) Financing not treated as loan- For purposes of section 148, financing of such United Nations facility shall not be treated as a loan to the United Nations or otherwise by reason of unencumbered ownership by the United Nations of such United Nations facility when such bond is no longer outstanding.'.
(b) Effective Date- The amendment made by this section shall take effect on the date of the enactment of this Act.
Or not. White House seeks to loan U.N. funds for renovations
Hopefully Amory will retire this year. His replacement, whoever it is, will be more conservative.
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