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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Tribal Government Tax-Exempt Bond
Authority Amendments Act of 1999''.

SEC. 2. CONSTITUTIONAL AUTHORITY.

The Constitutional authority upon which this Act rests is the power
of Congress to lay and collect taxes and to regulate commerce with
foreign nations and among the several States and with the Indian
tribes, as set forth in section 8 of Article I of the United States
Constitution.

SEC. 3. MODIFICATIONS OF AUTHORITY OF INDIAN TRIBAL GOVERNMENTS TO
ISSUE TAX-EXEMPT BONDS.

(a) General Provision.--Subsection (c) of section 7871 of the
Internal Revenue Code of 1986 (relating to Indian tribal governments
treated as States for certain purposes) is amended to read as follows:
''(c) Additional Requirements for Tax-Exempt Bonds.--
''(1) In general.--Subsection (a) of section 103 shall
apply to any obligation issued by an Indian tribal government
(or subdivision thereof) only if such obligation is part of an
issue 95 percent or more of the net proceeds of which are to be
used to finance facilities located on land within or in close
proximity to the exterior boundaries of an Indian reservation.
''(2) Private activity bonds.--Any private activity bond
(as defined in section 141(a)) issued by an Indian tribal
government (or subdivision thereof) shall be treated as a
qualified bond for purposes of section 103(b)(1) to which
section 146 does not apply if--
''(A) General restrictions.--The requirements of
section 144(a)(8)(B) and section 147 are met with
respect to the issue.
''(B) Specific restrictions.--
''(i) Ownership.--In the case of an issue
the net proceeds of which exceed $500,000, 50
percent or more of the profits or capital
interests in the facilities to be financed
thereby (or in the entity owning the
facilities) are owned either by an Indian
tribe, a subdivision thereof, a corporation
chartered under section 17 of the Indian
Reorganization Act of 1934 (25 U.S.C. 477) or
section 3 of the Oklahoma Welfare Act (25
U.S.C. 503), individual enrolled members of an
Indian Tribe, an entity wholly-owned by any of
the foregoing, or any combination thereof.
''(ii) Employment test.--It is reasonably
expected (at the time of issuance of the
obligations) that for each $100,000 of net
proceeds of the issue at least 1 employee
rendering services at the financed facilities
is an enrolled member of an Indian tribe or the
spouse of an enrolled member of an Indian
tribe.
''(iii) Gaming.--No part of the issue of
which such bond is a part is used for property
(or any portion thereof) placed in service for
purposes of conducting or housing class I, II,
or III gaming (as defined in section 4 of the
Indian Regulatory Act (25 U.S.C. 2703)).
''(3) Definitions.--For purposes of this subsection--
''(A) Indian tribe.--The term 'Indian tribe' means
any Indian tribe, band, nation, pueblo, or other
organized group or community, including any Alaska
Native village, or regional or village corporation, as
defined in, or established pursuant to, the Alaska
Native Claims Settlement Act (43 U.S.C. 1601 et seq.),
which is recognized as eligible for the special
programs and services provided by the United States to
Indians because of their status as Indians.
''(B) Indian reservation.--The term 'Indian
reservation' means a reservation, as defined in--
''(i) section 3(d) of the Indian Financing
Act of 1974 (25 U.S.C. 1452(d)); or
''(ii) section 4(10) of the Indian Child
Welfare Act of 1978 (25 U.S.C. 1903(10)).
''(C) In close proximity to.--The term 'in close
proximity to' means--
''(i) in the case of an Indian reservation,
or portion thereof, located within a
metropolitan statistical area (within the
meaning of section 143(k)(2)(B)), within 1 mile
of the boundaries of such reservation, or
portion thereof; and
''(ii) in the case of an Indian
reservation, or portion thereof, located within
a nonmetropolitan area (as defined in section
42(d)(5)(C)(iv)(IV)), within 15 miles of the
boundaries of such reservation, or portion
thereof.
''(D) Net proceeds.--The term 'net proceeds' has
the meaning given such term by section 150(a)(3).''
(b) Conforming Amendment.--Paragraph (3) of section 149(b) of the
Internal Revenue Code of 1986 (relating to federally guaranteed bond is
not exempt) is amended by redesignating subparagraph (D) as
subparagraph (E) and by inserting after subparagraph (C) the following
new subparagraph:
''(D) Exception for bonds issued by indian tribal
governments.--Paragraph (1) shall not apply to any bond
issued by an Indian tribal government (or subdivision
thereof) unless such bond is federally guaranteed
within the meaning of paragraph (2)(B)(ii).''

SEC. 4. EXEMPTION FROM REGISTRATION REQUIREMENTS.

The first sentence of section 3(a)(2) of the Securities Act of 1933
(15 U.S.C. 77c(a)(2)) is amended by inserting ''or by any Indian tribal
government or subdivision thereof (within the meaning of section 7871
of the Internal Revenue Code of 1986),'' after ''or Territories,''.

SEC. 5. EFFECTIVE DATE.

The amendments made by this Act shall apply to obligations issued
after the date of the enactment of this Act.
A:
Amends the Securities Act of 1933 to exempt obligations issued by an Indian tribal government or subdivision from registration requirements.