Tribal Government Tax-Exempt Bond Authority Reform Act of 2001
Last action on Jun 20, 2001Referred to the House Committee on Ways and Means.
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Summary
Tribal Government Tax-Exempt Bond Reform Amendments Act of 2001 - Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds by an Indian tribal government if: (1) at least 95 percent of the net proceeds are used to finance facilities on or in close proximity to an Indian reservation; 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 gaming facilities from such provision.
Amends the Securities Act of 1933 to exempt obligations issued by an Indian tribal government or subdivision from registration requirements.
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