[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2714 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2714

To amend the Internal Revenue Code of 1986 to disregard certain amounts 
 of capital expenditures in applying $10,000,000 limit on such issues.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 23, 1997

Mr. Houghton (for himself, Mr. English of Pennsylvania, and 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 disregard certain amounts 
 of capital expenditures in applying $10,000,000 limit on such issues.

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

SECTION 1. $10,000,000 OF CAPITAL EXPENDITURES DISREGARDED IN APPLYING 
              $10,000,000 LIMITATION ON FACE AMOUNT OF 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 which would (but for this 
                sentence) be taken into account under clause (ii) shall 
                be taken into account only to the extent such 
                expenditures exceed $10,000,000.''
    (b) Effective Date.--The amendment made by subsection (a) 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.
                                 <all>