,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cgfa  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #c1  
#bjbf,mr4 ,grassley 7for himself1 ,mr4  
,welch1 and ,mr4 ,cassidy7 introduced   
the following bill2 which was read twice
 and referred to the ,committee on      
,finance  ,a ,,bill  ,to amend the      
,internal ,revenue ,code of #aihf to    
exempt qualified student loan bonds from
 the volume cap and the alternative     
minimum tax4  #a4 ,short title ,this    
,act may be cited as the ,student ,loan 
,bond ,expansion ,act of #bjbf4  #b4    
,qualified student loan bonds exempt    
from volume cap and alternative minimum 
tax  7a7 ,exemption from volume cap     
7#a7 ,in general ,section #adf7;g7 of   
the ,internal ,revenue ,code of #aihf is
 amended by redesignating paragraphs    
7#b7 through 7#f7 as paragraphs 7#c7    
through 7#g71 respectively1 and by      
inserting after paragraph 7#a7 the      
following new paragraph3  7#b7 any      
qualified student loan bond1  4  7#b7   

,special rule for application of pooled 
financing bond rules ,section           
#adi7;f77#f7 of such ,code is amended by
 adding at the end the following new    
subparagraph3  7,c7 ,special rule for   
qualified student loan bonds ,for       
purposes of subparagraph 7,a71 in the   
case of any qualified student loan bond1
 the term ultimate borrower shall not   
include any student borrower4  4  7#c7  
,conforming amendment ,section #adf7;g7 
of such ,code is amended by striking    
,paragraphs 7#d7 and 7#e7 in the last   
sentence and inserting ,paragraphs 7#e7 
and 7#f74  7b7 ,exemption from          
alternative minimum tax ,section        
#eg7;a77#e77;,c7 of the ,internal       
,revenue ,code of #aihf is amended by   
redesignating clauses 7iv71 7v71 and    
7vi7 as clauses 7v71 7vi71 and 7vii71   
respectively1 and by inserting after    
clause 7iii7 the following new clause3  
7iv7 ,exception for qualified student   
loan bonds ,for purposes of clause 7i71 
the term private activity bond shall not

 include any bond issued after the date 
of the enactment of this clause if such 
bond is a qualified student loan bond   
7as defined in section #add7;b774 ,the  
preceding sentence shall not apply to   
any refunding bond unless such preceding
 sentence applied to the refunded bond  
7or in the case of a series of          
refundings1 the original bond74  4  7c7 
,effective dates ,the amendments made by
 this section shall apply to obligations
 issued after the date of the enactment 
of this ,act4