To amend the Internal Revenue Code of 1986 to provide an exception for certain public-private research arrangements from the business use test for purposes of determining private activity bonds.
About This Bill
Committee
Latest Action · December 10, 2014
Referred to the House Committee on Ways and Means.
Amends the Internal Revenue Code to allow a tax exemption for private activity bond interest if the proceeds from such a bond are to be used for basic research (i.e., any original investigation for the advancement of scientific knowledge not having a specific commercial objective) at a government unit, a tax-exempt charitable organization, or a private organization that has a bona-fide contractual arrangement with a government unit or tax-exempt organization.
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