This bill would change the Internal Revenue Code by removing the phrases "private or commercial golf course" and "country club" from a list of uses for which certain proceeds cannot be used. The amendment applies to obligations issued after the law takes effect. The bill also includes special timing rules: it applies for purposes of section 1396(d)(2) to individuals who begin work for an employer after enactment, and it applies for purposes of sections 1397C(d)(5) and 1400Z-2(d)(3)(A) to taxable years beginning after enactment.
The bill would allow proceeds covered by the referenced Internal Revenue Code provision to be used for private or commercial golf courses and country clubs where they were previously listed as excluded uses. The change takes effect for obligations issued after the law is enacted and affects certain timing rules for empowerment zone employment credits and opportunity-zone-related rules.
No publicly available information on budget effects, cost estimates, or federal revenue impact is included in the bill text or provided metadata.
No publicly available information on proponents' stated reasons or views is included in the bill text. The bill was introduced by Representatives listed in the metadata.
No publicly available information on opponents' stated reasons or views is included in the bill text or provided metadata.