[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1140 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1140

   To amend the Internal Revenue Code of 1986 to stimulate economic 
 development by enhancing the availability and benefits of small issue 
                                 bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 2003

Mr. Meeks 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 stimulate economic 
 development by enhancing the availability and benefits of small issue 
                                 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 ``Economic Development and Technology 
Workforce Enhancement Act of 2002''.

SEC. 2. MODIFICATIONS TO QUALIFIED SMALL ISSUE BONDS.

    (a) Increase in Amount of Qualified Small Issue Bonds Permitted for 
Facilities To Be Used by Related Principal Users.--
            (1) In general.--Clause (i) of section 144(a)(4)(A) of the 
        Internal Revenue Code of 1986 (relating to $10,000,000 limit in 
        certain cases) is amended by striking ``$10,000,000'' and 
        inserting ``$20,000,000''.
            (2) Clerical amendment.--The heading of paragraph (4) of 
        section 144(a) of such Code is amended by striking 
        ``$10,000,000'' and inserting ``$20,000,000''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to--
                    (A) obligations issued after the date of the 
                enactment of this Act, and
                    (B) capital expenditures made after such date with 
                respect to obligations issued on or before such date.
    (b) Expansion of Exceptions From Termination for Technology 
Facilities.--
            (1) In general.--Subparagraph (B) of section 144(a)(12) of 
        such Code is amended by striking ``or'' at the end of clause 
        (i), by striking the period at the end of clause (ii) and 
        inserting ``, or'', and by adding at the end the following new 
        clause:
                            ``(iii) any software development facility, 
                        biotechnology facility, and any other 
                        technology-related research facility.''
            (2) Effective date.--The amendment made by this subsection 
        shall apply to obligations issued after the date of the 
        enactment of this Act.
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