,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dccc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bh1 #bjbj,ms4   
,murk[ski 7= h]self & ,mr4 ,sullivan7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify ! rules 
= tribal economic developm5t bonds4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,tribal ,economic ,developm5t ,act (    
#bjbj4  #b4 ,modifications relat$ to    
tribal economic developm5t bonds  7a7   
,increase 9 national limitation         
,subp>agraph 7,b7 ( section             
#ghga7;f77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+              
#b1jjj1jjj1jjj & ins]t+ #d1jjj1jjj1jjj4 
7b7 ,o!r modifications  7#a7 ,9 g5]al   
,p>agraph 7#b7 ( section #ghga7;f7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7#b7 ,bonds treat$ z 
exempt f tax ,not)/&+ any o!r provision 
( ?is title1 gross income %all n include
 int]e/ on any tribal economic          

developm5t bond4  4  7#b7 ,modification 
( def9ition ( tribal economic developm5t
 bond ,section #ghga7;f77#c7 ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7#c7 ,tribal economic
 developm5t bond  7,a7 ,9 g5]al ,=      
purposes ( ?is section1 ! t]m tribal    
economic developm5t bond means any bond 
issu$ by an ,indian tribal gov]nm5t 7or 
a subdivision !re(7-- 7i7 :i* is "p ( an
 issue #ie p]c5t or m ( ! proce$s ( :i* 
are to be us$-- 7,i7 by a qualifi$      
,native us]1 &  7,,ii7 to promote !     
economic developm5t ( any ,indian tribe 
or ,native ,corporation 7includ+ ?r\gh  
loans by any ,indian tribal gov]nm5t or 
a subdivision !re( to a qualifi$ ,native
 us]71  7ii7 except z provid$ 9         
subp>agraph 7,d71 :i* is n an arbitrage 
bond 7)9 ! mean+ ( section #adh71  7iii7
 :i* meets ! applicable requirem5ts (   
section #adi 7o!r ?an subsections 7b71  
7d71 & 7g7 !re(71 &  7iv7 :i* is        
designat$ by ! ,indian tribal gov]nm5t z
 a tribal economic developm5t bond =    

purposes ( ?is subsection4  7,b7        
,exception ,su* t]m %all n include any  
bond issu$ z "p ( an issue if any       
portion ( ! proce$s ( su* issue are us$ 
to f9ance any portion ( a build+ 9 :i*  
class ,,ii or class ,,iii gam+ 7z def9$ 
9 section #d ( ! ,indian ,gam+          
,regulatory ,act7 is conduct$ or h\s$ or
 any o!r prop]ty actually us$ 9 !       
conduct ( su* gam+4  7,c7 ,limitation on
 am\nt ( bonds designat$ ,! maximum     
aggregate face am\nt ( bonds :i* may be 
designat$ by any ,indian tribal gov]nm5t
 "u subp>agraph 7,a7 %all n exce$ !     
am\nt ( national tribal economic        
developm5t bond limitation allocat$ to  
su* gov]nm5t "u p>agraph 7#a74  7,d7    
,loans to qualifi$ ,native us]s p]mitt$ 
7i7 ,9 g5]al ,= purposes ( apply+       
section #adh to ?is p>agraph1 ! t]m     
arbitrage bond %all n include a bond    
issu$ z "p ( an issue ! proce$s ( :i*   
are us$ to provide a loan describ$ 9    
clause 7ii7 to a qualifi$ ,native us]   
not)/&+ :e!r ! int]e/ rate on su* loan  

produces a yield :i* is high] ?an !     
yield on su* issue4  7ii7 ,loan describ$
 ,a loan is describ$ 9 ?is clause if !  
t]ms ( ! loan prev5t ! borr[] ( su* loan
 f mak+ fur!r loans ) ! proce$s ( su*   
loan4  7,e7 ,qualifi$ ,native us] ,=    
purposes ( ?is p>agraph1 ! t]m qualifi$ 
,native us] means-- 7i7 an ,indian      
tribal gov]nm5t 7or a subdivision !re(71
  7ii7 a ,native ,corporation1 or  7iii7
 any o!r entity if-- 7,i7 9 ! case ( a  
corporation1 n less ?an two-?irds ( !   
out/&+ /ock are own$ by "o or m entities
 describ$ 9 clauses 7i7 or 7ii71 &      
7,,ii7 9 ! case ( any entity o!r ?an a  
corporation1 n less ?an two-?irds ( !   
capital & pr(its int]e/s are own$ by "o 
or m entities describ$ 9 clauses 7i7 or 
7ii74  7,f7 ,o!r def9itions ,= purposes 
( ?is p>agraph-- 7i7 ,native            
,corporation ,! t]m ,native ,corporation
 has ! mean+ giv5 su* t]m "u section    
#fdf7;h77#b74  7ii7 ,indian tribe ,! t]m
 ,indian tribe has ! mean+ giv5 su* t]m 
"u subsection 7c77#c77;,e77ii74  7,g7   

,coord9ation ) ?ird-p>ty repaym5t1 etc  
,a bond %all n fail to be treat$ z a    
tribal economic developm5t bond solely  
because a p]son o!r ?an ! ,indian tribal
 gov]nm5t 7or subdivision !re(7 issu+ ! 
bond has gu>ante$ ! repaym5t (1 is      
o!rwise obligat$ to repay1 or 9 fact    
repays1 any portion ( ! pr9cipal or     
int]e/ ( su* bond4  4  7c7 ,effective   
date ,! am5dm5ts made by ?is section    
%all apply to obligations issu$ aft] !  
date ( ! enactm5t ( ?is ,act4