[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2381 Introduced in House (IH)]

  1st Session
                                H. R. 2381

     To amend the Internal Revenue Code of 1986 to disregard up to 
    $15,000,000 of capital expenditures in applying the provisions 
     permitting a $10,000,000 limit on qualified small issue bonds.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 1995

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

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                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to disregard up to 
    $15,000,000 of capital expenditures in applying the provisions 
     permitting a $10,000,000 limit on qualified small issue bonds.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Capital Expenditure Expansion Act of 
1995''.

SEC. 2. MODIFICATION OF CAPITAL EXPENDITURE RULES RELATING TO QUALIFIED 
              SMALL ISSUE BONDS.

    (a) In General.--Subparagraph (A) of section 144(a)(4) of the 
Internal Revenue Code of 1986 (relating to $10,000,000 limit in certain 
cases) is amended by adding at the end the following new flush 
sentence:
                ``Capital expenditures (financed otherwise than out of 
                the proceeds of outstanding tax-exempt issues) shall 
                not be taken into account under clause (ii) to the 
                extent such expenditures do not exceed $15,000,000.''
    (b) Technical Amendment.--Paragraph (4) of section 144(a) of such 
Code is amended by striking subparagraph (F).
    (c) Effective Date.--The amendments made by this section shall 
apply to--
            (1) obligations issued after the date of the enactment of 
        this Act, and
            (2) capital expenditures made after such date with respect 
        to obligations issued on or before such date.
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