S. 1850 would amend the Internal Revenue Code of 1986 to provide for the treatment of Indian tribal governments as State governments for purposes of issuing tax-exempt governmental bonds.
Detailed Summary
Tribal Government Tax-Exempt Bond Parity Act of 2007 - Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds by an Indian tribal government or subdivision if: (1) at least 95 percent of the net proceeds are used to finance facilities on the Indian reservation of such Indian tribal government; or (2) the obligation is part of an issue substantially all of whose proceeds are to be used in the exercise of an essential government function. Excludes an obligation used to finance any part of a building in which class II or III gaming is conducted or housed or any other property actually used in the conduct of such gaming.
Status of the Legislation
Latest Major Action: 7/23/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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