[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 864 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 864

   To amend the Internal Revenue Code of 1986 to increase the State 
                   ceiling on private activity bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 25, 1999

 Mr. Houghton (for himself, Mr. Neal of Massachusetts, Mrs. Johnson of 
 Connecticut, Mr. Matsui, Mr. Jefferson, Mr. Ramstad, Mr. Watkins, Mr. 
Cook, Mr. Hayworth, Mr. Tanner, Mr. Bilbray, Mr. Lewis of Georgia, Mr. 
 Shows, Mr. Dixon, Mr. McDermott, Mr. Weygand, Mr. Sherman, Mr. Leach, 
Mr. McHugh, Mr. Foley, Mr. Becerra, Mr. Boehlert, Mr. Bass, Mr. Dooley 
 of California, Mr. Kuykendall, Mr. Shaw, Mr. Levin, Mr. McInnis, Mr. 
  Lantos, Mr. Coyne, Ms. Rivers, Mr. Doyle, Mrs. Mink of Hawaii, Mr. 
   Waxman, Mr. Ackerman, Mr. English, Mr. McCrery, Mr. Cardin, Mrs. 
  Thurman, Mr. Lazio, and Mr. McNulty) 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 State 
                   ceiling on private activity 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 ``State and Local Investment 
Opportunity Act of 1999''.

SEC. 2. INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY BONDS.

    (a) In General.--Paragraphs (1) and (2) of section 146(d) of the 
Internal Revenue Code of 1986 (relating to State ceiling) are amended 
to read as follows:
            ``(1) In general.--The State ceiling applicable to any 
        State for any calendar year shall be the greater of--
                    ``(A) an amount equal to $75 multiplied by the 
                State population, or
                    ``(B) $225,000,000.
        Subparagraph (B) shall not apply to any possession of the 
        United States.
            ``(2) Inflation adjustment.--In the case of a calendar year 
        after 2000, each of the dollar amounts contained in paragraph 
        (1) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for such calendar year by 
                substituting `calendar year 1999' for `calendar year 
                1992' in subparagraph (B) thereof.
        If any increase determined under the preceding sentence is not 
        a multiple of $1 ($250 in the case of the dollar amount in 
        paragraph (1)(B)), such increase be rounded to the nearest 
        multiple thereof.''
    (b) Effective Date.--The amendment made by this section shall apply 
to calendar years after 1999.
                                 <all>