[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 979 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 979

 To amend the Internal Revenue Code of 1986 to increase the amount of 
private activity bonds which may be issued in each State, and to index 
                       such amount for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 1997

Mrs. Kennelly of Connecticut (for herself, Mr. Houghton, Mr. English of 
Pennsylvania, and Mr. Lazio of New York) 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 
private activity bonds which may be issued in each State, and to index 
                       such amount for inflation.

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

SECTION 1. INCREASE IN STATE CEILING ON PRIVATE ACTIVITY BONDS.

    (a) Repeal of Post-1987 Reduction.--Subsection (d) of section 146 
of the Internal Revenue Code of 1986 (relating to State ceiling) is 
amended by striking paragraph (2).
    (b) Adjustment of State Ceiling for Increases in Cost-of-Living.--
Subsection (d) of section 146 of such Code is amended by inserting 
after paragraph (1) the following new paragraph:
            ``(2) Cost-of-living adjustment.--
                    ``(A) In general.--In the case of a calendar year 
                after 1998, each of the dollar amounts contained in 
                paragraph (1) shall be increased by an amount equal 
                to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year by substituting `calendar year 
                        1997' for `calendar year 1992' in subparagraph 
                        (B) thereof.
                    ``(B) Rounding.--If any increase under subparagraph 
                (A) is not a multiple of the applicable dollar amount, 
                such increase shall be rounded to the nearest 
                applicable dollar amount. For purposes of the preceding 
                sentence, the applicable dollar amount is--
                            ``(i) $1 in the case of an adjustment of 
                        the $75 amount in paragraph (1)(A), and
                            ``(ii) $5 in the case of an adjustment of 
                        the $250 amount in paragraph (1)(B).''
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years after 1997.
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