All Roll Calls
Yes: 416 • No: 4
117-hr-2220117th CongressWALLET
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.
Sponsored By: Representative Guest, Michael [R-MS-3]
Became Law
Summary
Requires Congress to approve bargain-price purchase options in federal leases. The law adds a rule to 40 U.S.C. 585 that any bargain-price option in a lease entered on or after January 1, 2021 may be exercised only to the extent specifically provided for in subsequent appropriation Acts or other Acts of Congress. It does not apply to leases entered before January 1, 2021.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Businesses need Congress OK for federal lease buyouts
The law limits bargain-price purchase options in federal leases. For any lease signed on or after January 1, 2021, the option can be used only if Congress later approves it in an appropriation or other law. Without that approval, agencies and lessees cannot buy the property below market price. Leases signed before that date are not affected.
Sponsors & CoSponsors
Sponsor
Guest, Michael [R-MS-3]
MS • R
Cosponsors
Rep. Webster, Daniel [R-FL-11]
FL • R
Sponsored 3/26/2021
Rep. Pence, Greg [R-IN-6]
IN • R
Sponsored 3/26/2021
Roll Call Votes
house vote • 11/4/2021
On Motion to Suspend the Rules and Pass
Yes: 416 • No: 4