[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 677 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 677

   To amend the Internal Revenue Code of 1986 to repeal the special 
 $15,000,000 limitation on the amount of a tax-exempt bond issue which 
               may be used to provide an output facility.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 1995

  Mr. Neal of Massachusetts 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 repeal the special 
 $15,000,000 limitation on the amount of a tax-exempt bond issue which 
               may be used to provide an output facility.

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

SECTION 1. REPEAL OF $15,000,000 LIMITATION ON AMOUNT OF TAX-EXEMPT 
              BOND ISSUE WHICH MAY BE USED TO PROVIDE AN OUTPUT 
              FACILITY.

    (a) In General.--Subsection (b) of section 141 of the Internal 
Revenue Code of 1986 (relating to private business tests) is amended by 
striking paragraph (4) and by redesignating paragraphs (5) through (9) 
as paragraphs (4) through (8), respectively.
    (b) Conforming Amendment.--Paragraph (2) of section 141(d) of such 
Code is amended by striking ``(within the meaning of subsection 
(b)(4))''.
    (c) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
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