A bill to amend title 40, United States Code, to modify the treatment of certain bargain-price options to purchase at less than fair market value, and for other purposes.

Bill: 116-s-2888
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2019-11-18
Policy area: Government Operations and Politics
Subjects: Government buildings, facilities, and property

Public contracts and procurement
Latest action: action_date: 2019-11-18
text: Read twice and referred to the Committee on Environment and Public Works.

Summaries:
action_date: 2019-11-18
action_desc: Introduced in Senate
text: <p>This bill modifies the authority of the General Services Administration to enter into building leases to accommodate federal agencies. Specifically, it allows any bargain-price option to purchase at less than fair market value contained in an agreement entered into on or after January 1, 2019, to be exercised only to the extent specifically provided for in subsequent Acts of Congress.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2888 IN THE SENATE OF THE UNITED STATES November 18, 2019 Mr. Lankford (for himself and Mr. Peters ) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works A BILL To amend title 40, United States Code, to modify the treatment of certain bargain-price options to purchase at less than fair market value, and for other purposes.

1. Limitation on discounted purchase options Section 585 of title 40, United States Code, is amended by adding at the end the following: (d) Any bargain-price option to purchase at less than fair market value contained in any lease agreement entered into on or after January 1, 2019, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .