[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2171 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2171

 To amend the Internal Revenue Code of 1986 to increase the amount of 
 bonds eligible for financial institution purchase under small issuer 
                               exception.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 19, 1993

Mr. Lewis of Georgia introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the amount of 
 bonds eligible for financial institution purchase under small issuer 
                               exception.

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

SECTION 1. CHANGES IN RULE RELATING TO TAX-EXEMPT BONDS.

    (a) Exception From Pro Rata Allocation of Interest Expense of 
Financial Institutions to Tax-Exempt Interest for Small Issuers 
Increased to $25,000,000.--
            (1) In general.--Subparagraphs (C) and (D) of section 
        265(b)(3) of such Code are each amended by striking 
        ``$10,000,000'' each place it appears and inserting 
        ``$25,000,000''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply to obligations issued after December 31, 1992.

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