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: 117-hr-2220
Sponsor: full_name: Rep. Guest, Michael [R-MS-3]
Introduced: 2021-03-26
Policy area: Government Operations and Politics
Subjects: Government buildings, facilities, and property

Public contracts and procurement
Latest action: action_date: 2022-12-21
text: Became Public Law No: 117-257.

Summaries:
action_date: 2021-03-26
action_desc: Introduced in House
text: <p>This bill specifies that a bargain-price purchase option (i.e., the option to purchase property at less than fair market value) in a lease agreement for a federal building may be exercised only to the extent the option is specifically provided for in subsequent acts of Congress. The bill applies to lease agreements that are entered into on or after January 1, 2021.</p>

action_date: 2021-11-01
action_desc: Reported to House
text: <p>This bill specifies that a bargain-price purchase option (i.e., the option to purchase property at less than fair market value) in a lease agreement for a federal building may be exercised only to the extent the option is specifically provided for in subsequent acts of Congress. The bill applies to lease agreements that are entered into on or after January 1, 2021.</p>

action_date: 2021-11-04
action_desc: Passed House
text: <p>This bill specifies that a bargain-price purchase option (i.e., the option to purchase property at less than fair market value) in a lease agreement for a federal building may be exercised only to the extent the option is specifically provided for in subsequent acts of Congress. The bill applies to lease agreements that are entered into on or after January 1, 2021.</p>

action_date: 2022-11-30
action_desc: Passed Senate
text: <p>This bill specifies that a bargain-price purchase option (i.e., the option to purchase property at less than fair market value) in a lease agreement for a federal building may be exercised only to the extent the option is specifically provided for in subsequent acts of Congress. The bill applies to lease agreements that are entered into on or after January 1, 2021.</p>

action_date: 2022-12-21
action_desc: Public Law
text: <p>This act specifies that a bargain-price purchase option (i.e., the option to purchase property at less than fair market value) in a lease agreement for a federal building may be exercised only to the extent the option is specifically provided for in subsequent acts of Congress. The act applies to lease agreements that are entered into on or after January 1, 2021.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2220 IN THE HOUSE OF REPRESENTATIVES March 26, 2021 Mr. Guest (for himself, Mr. Webster of Florida , and Mr. Pence ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure 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, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .

tv_txt: IB 117th CONGRESS 1st Session H. R. 2220 IN THE HOUSE OF REPRESENTATIVES AN ACT 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, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .

Passed the House of Representatives November 4, 2021. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 1st Session H. R. 2220 IN THE SENATE OF THE UNITED STATES November 15, 2021 Received; read twice and referred to the Committee on Environment and Public Works AN ACT 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, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .

Passed the House of Representatives November 4, 2021. Cheryl L. Johnson, Clerk

tv_txt: IB Union Calendar No. 116 117th CONGRESS 1st Session H. R. 2220 [Report No. 117–159] IN THE HOUSE OF REPRESENTATIVES March 26, 2021 Mr. Guest (for himself, Mr. Webster of Florida , and Mr. Pence ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure November 1, 2021 Reported from the Committee on Transportation and Infrastructure ; committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .

November 1, 2021 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB One Hundred Seventeenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Monday, the third day of January, two thousand and twenty-two H. R. 2220 AN ACT 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, 2021, pursuant to this section may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. .

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.