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: 117-s-946
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2021-03-24
Policy area: Government Operations and Politics
Subjects: Government buildings, facilities, and property

Public contracts and procurement
Latest action: action_date: 2021-03-24
text: Read twice and referred to the Committee on Environment and Public Works.

Summaries:
action_date: 2021-03-24
action_desc: Introduced in 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>

tv_txt: II 117th CONGRESS 1st Session S. 946 IN THE SENATE OF THE UNITED STATES March 24, 2021 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) Limitation on discounted purchase options 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. .