,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #cb  ,,in ,,the ,,house ,,of    
,,representatives  ,january #i1         
#bjbc,mr4 ,doggett 7for himself and ,mr4
 ,arrington7 introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to create a safe harbor 
for certain perpetual trust funds4  #a4 
,short title ,this ,act may be cited as 
the ,keeping ,texas ,school             
,construction ,costs ,down ,act of      
#bjbc4  #b4 ,safe harbor for certain    
perpetual trust funds  7a7 ,in general  
,section #adh7;b7 of the ,internal      
,revenue ,code of #aihf is amended by   
adding at the end the following new     
paragraph3  7#e7 ,safe harbor for       
certain perpetual trust funds ,the term 
investment property does not include any
 fund created and controlled by a ,state
 and established pursuant to its        
constitution or ,state law if-- 7,a7    
substantially all of the assets of the  

fund consist of nonfinancial assets1    
revenues derived from such assets1      
gifts1 appropriations1 or bequests1     
7,b7 the assets of the fund may be used 
only to support specifically designated 
essential governmental functions 7within
 the meaning of section #aae7a77 that   
are carried out by political            
subdivisions with general taxing powers 
or public elementary and public         
secondary schools1  7,c7 the assets of  
the fund are required to support        
designated functions1  7,d7 to the      
extent the fund guarantees obligations1 
such obligations are not private        
activity bonds 7other than qualified    
#eja7;c77#c7 bonds7 substantially all of
 the proceeds of which are to be used   
for designated functions1 and  7,e7 the 
fund satisfied each of the requirements 
of subparagraphs 7,a7 through 7,d7 on   
,august #af1 #aihf4  4  7b7 ,effective  
date ,the amendment made by this section
 shall take effect on the date of the   
enactment of this ,act4