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.
[117th Congress Public Law 257]
[From the U.S. Government Publishing Office]



[[Page 136 STAT. 2371]]

Public Law 117-257
117th Congress

                                 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. <<NOTE: Dec. 21, 2022 -  [H.R. 2220]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 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.''.

    Approved December 21, 2022.

LEGISLATIVE HISTORY--H.R. 2220:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 117-159 (Comm. on Transportation and Infrastructure).
CONGRESSIONAL RECORD:
                                                        Vol. 167 (2021):
                                    Nov. 3, 4, considered and passed 
                                        House.
                                                        Vol. 168 (2022):
                                    Nov. 30, considered and passed 
                                        Senate.

                                  <all>
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.
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.
Official Titles - House of Representatives
Official Title as Introduced
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.
Rep. Guest, Michael