,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #fjdh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #ae1        
#bjaf,mr4 ,ellison 7= himself1 ,mr4     
,scott ( ,virg9ia1 ,ms4 ,max9e ,wat]s ( 
,cali=nia1 ,ms4 ,lee1 & ,ms4 ,adams7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means1 & 9    
addition to ! ,committee on ,f9ancial   
,s]vices1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,securities ,act (  
#aicc & ! ,int]nal ,rev5ue ,code ( #aihf
 to provide an exemption & paym5ts f    
taxation = #eja7;c77#c7 bonds issu$ on  
behalf ( a hi/orically ,black college or
 univ]sity4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,,hbcu ,inve/m5t        
,expansion ,act4  #b4 ,tax exemption =  
,,hbcu bonds ,! ,securities ,act ( #aicc
 7#ae ,u4,s4,c4 #gg;aa et seq47 is am5d$
 by ins]t+ aft] section #bh ! foll[+3   
#bi4 ,tax exemption = ,,hbcu bonds  7a7 

,9 g5]al ,a qualifi$ #eja7;c77#c7 bond  
7z def9$ 9 section #ade ( ! ,int]nal    
,rev5ue ,code ( #aihf7 issu$ aft] ! date
 ( ! enactm5t ( ! ,,hbcu ,inve/m5t      
,expansion ,act on behalf ( a           
hi/orically ,black college or univ]sity 
%all be exempt f taxation by any ,/ate1 
,t]ritory1 or possession1 or by any     
c\nty1 municipality1 or o!r municipal   
subdivision ( any ,/ate1 t]ritory1 or   
possession ( ! ,unit$ ,/ates1 or by !   
,di/rict ( ,columbia4  7b7 ,hi/orically 
,black college or univ]sity def9$ ,=    
purposes ( ?is section1 ! t]m           
hi/orically ,black college or univ]sity 
means a "p ,b in/itution 7z def9$ 9     
section #cbb7b7 ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajfa7b774  
4  #c4 ,cr$it ) respect to #eja7;c77#c7 
bonds issu$ on behalf ( hi/orically     
,black colleges & univ]sities  7a7 ,9   
g5]al ,sub*apt] ,b ( *apt] #fe ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+3  #fdcc4      
,cr$it ) respect to #eja7;c77#c7 bonds  

issu$ on behalf ( hi/orically ,black    
colleges & univ]sities  7a7 ,9 g5]al ,9 
! case ( a qualifi$ bond issu$ aft] !   
date ( ! enactm5t ( ! ,,hbcu ,inve/m5t  
,expansion ,act1 a cr$it %all be all[$  
to a jurisdiction specifi$ 9 subsection 
7c77#c7 t =goes tax pursuant to section 
#bi ( ! ,securities ,act ( #aicc )      
respect to ea* int]e/ paym5t "u su*     
bond4 ,! cr$it %all be payable by !     
,secret>y z provid$ 9 subsection 7b74   
7b7 ,paym5t ( cr$it ,! ,secret>y %all   
pay 7z soon z practicable aft] ! return 
( income tax = a taxable ye> is fil$ ) !
 qualifi$ jurisdiction by ! recipi5t (  
su* int]e/ paym5t "u su* bond7 an am\nt 
equal to ! total am\nt ( int]e/ paid "u 
su* bond dur+ ! taxable ye>4  7c7       
,def9itions ,= purposes ( ?is section-- 
7#a7 ,qualifi$ bond ,! t]m qualifi$ bond
 means a qualifi$ #eja7;c77#c7 bond 7z  
def9$ 9 section #ade7 issu$ on behalf ( 
a hi/orically ,black college or         
univ]sity4  7#b7 ,hi/orically ,black    
college or univ]sity ,! t]m hi/orically 

,black college or univ]sity means a "p  
,b in/itution 7z def9$ 9 section #cbb7b7
 ( ! ,high] ,education ,act ( #aife 7#bj
 ,u4,s4,c4 #ajfa7b774  7#c7             
,jurisdiction specifi$ ,a jurisdiction  
is specifi$ 9 ?is p>agraph if !         
jurisdiction is-- 7,a7 a ,/ate1         
t]ritory1 or possession ( ! ,unit$      
,/ates1  7,b7 a political jurisdiction (
 a ,/ate1 t]ritory1 or possession ( !   
,unit$ ,/ates1 or  7,c7 ! ,di/rict (    
,columbia4  7d7 ,application ( arbitrage
 rules ,= purposes ( section #adh1 !    
yield on a qualifi$ bond %all be r$uc$  
by ! cr$it all[$ "u ?is section4  7e7   
,regulations ,! ,secret>y %all issue su*
 regulations or o!r guidance z may be   
necess>y to c>ry out ?is section4  4    
7b7 ,con=m+ am5dm5ts  7#a7 ,section     
#acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 is am5d$ by /rik+ or #fdca1 &   
ins]t+ #fdca1 or #fdcc14  7#b7 ,section 
#fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ & #fdca 
& ins]t+ #fdca1 & #fdcc4  7#c7 ,! table 

( sections = sub*apt] ,b ( *apt] #fe ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by add+ at ! end ! foll[+ new item3    
,sec4 #fdcc4 ,cr$it ) respect to        
#eja7;c77#c7 bonds issu$ on behalf (    
hi/orically ,black colleges &           
univ]sities4  4  7c7 ,effective date ,! 
am5dm5ts made by ?is section %all apply 
to bonds issu$ aft] ! date ( ! enactm5t 
( ?is ,act4