[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 945 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 945

To amend the Internal Revenue Code of 1986 to provide for the permanent 
    extension of qualified small issue bonds and to except certain 
            expenditures from the limitation of such bonds.


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                   IN THE SENATE OF THE UNITED STATES

                May 12 (legislative day, April 19), 1993

   Mr. Glenn introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide for the permanent 
    extension of qualified small issue bonds and to except certain 
            expenditures from the limitation of such bonds.

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

SECTION 1. PERMANENT EXTENSION AND EXPANSION OF QUALIFIED SMALL ISSUE 
              BONDS.

    (a) Permanent Extension.--Subparagraph (B) of section 144(a)(12) of 
the Internal Revenue Code of 1986 (relating to termination dates) is 
amended--
            (1) by striking ``In the case'' and inserting 
        ``Subparagraph (A) shall not apply in the case'', and
            (2) by striking ``section 147(c)(2),'' and all that follows 
        through the period and inserting ``section 147(c)(2).''.
    (b) Modification to $10,000,000 Limitation.--Subparagraph (C) of 
section 144(a)(4) (relating to $10,000,000 limit in certain cases) is 
amended by striking ``or'' at the end of clause (iii), by striking the 
period at the end of clause (iv) and inserting ``, or'', and by 
inserting after clause (iv) the following new clause:
                            ``(v) not to exceed $10,000,000 (determined 
                        without regard to the preceding clauses of this 
                        subparagraph) during the 3-year period ending 
                        after the date of such issue.''.
    (c) Effective Dates.--
            (1) Extension.--The amendments made by subsection (a) shall 
        apply to bonds issued after June 30, 1992.
            (2) Capital expenditures.--The amendment made by subsection 
        (b) shall apply to expenditures made after the date of the 
        enactment of this Act.

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