legislation: 98-s-499
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 98-s-499 | 98 | s | 499 | Certified Development Company Improvement Act | Commerce | 1983-02-16 | 1983-10-28 | Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-718. | Senate | Sen. D'Amato, Alfonse [R-NY] | NY | R | D000018 | 5 | (Reported to Senate from the Committee on Small Business with amendment, S. Rept. 98-22) Certified Development Company Improvement Act - Amends the Small Business Investment Act of 1958 to require the subordination of debentures issued by a State or local development company and guaranteed by the Small Business Administration (SBA) to any industrial development bonds used as collateral by such company for financing small business expansion projects. Permits the subordination of such debentures by the SBA to any other debenture, promissory note, or other debt or obligation of such company in the case of financings for projects which are not collateralized by industrial development bonds. (Currently, the subordination of State or local development company debentures is permitted at any time.) Prohibits the SBA from declining to guarantee State or local development company debentures on the grounds that the small business expansion projects being financed are also being financed by industrial development bonds. Prohibits the SBA and other Federal agencies from restricting the use of guaranteed debentures for projects financed also by industrial development bonds if such projects otherwise comply with SBA regulations and procedures. Provides that with respect to the payment guaranteed program for small business pollution control facilities, it is congressional policy that such payment guarantees would not cause the interest on tax-exempt obligations to finance such facilities to be included in gross income of the bondholders. Prohibits the SBA from declining to issue payment guarantees for small business pollution control facilities or property, subject only to the existence of qualified guarantee applications from eligible small businesses. (Currently, payment guarantees for pollution control facilities or property may be issued when such property is acquired with the proceeds from tax-exempt industrial revenue bonds.) | 2025-01-14T18:22:18Z | https://www.congress.gov/bill/98th-congress/senate-bill/499 |