HOUSE 1080115th CongressReferred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

HBCU Investment Expansion Act

Last Action: 2/15/2017

Actions

2017-02-15Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2017-02-15Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2017-02-15Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2017-02-15Introduced in House
2017-02-15Introduced in House

CRS Summary

As of 2017-02-15 (00)

HBCU Investment Expansion Act

This bill amends the Securities Act of 1933 to exempt qualified 501(c)(3) bonds issued after the enactment of this bill on behalf of a historically black college or university from state and local taxes.

The bill also amends the Internal Revenue Code to allow a tax credit for jurisdictions that forgo taxes with respect to the interest payments under such a bond. The credit is equal to the total amount of interest paid on such a bond during the taxable year. The Department of the Treasury must pay the credit to the qualifying jurisdiction as soon as practicable after the recipient of the interest payments files a tax return with the jurisdiction.

Cosponsors (7)

Robert Scott (D-VA)
Alma Adams (D-NC)
JOHN CONYERS (D-MI)
BARBARA LEE (D-CA)
Donald Payne (D-NJ)
Gwen Moore (D-WI)
Ro Khanna (D-CA)

Subjects

Higher education
Interest, dividends, interest rates
Minority education
Securities
Social work, volunteer service, charitable organizations
State and local taxation
Tax administration and collection, taxpayers

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