[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 459 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 459

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


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                   IN THE SENATE OF THE UNITED STATES

                           February 24, 1999

 Mr. Breaux (for himself and Mr. Hatch) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 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 
Opportunities Act of 1999''.

SEC. 2. INCREASE IN STATE CEILING 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 shall be rounded to the nearest 
        multiple thereof.''
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years after 1999.
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