[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1152 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1152

          To increase the cap on qualified small issue bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 2003

 Mrs. Myrick introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
          To increase the cap on qualified small issue bonds.

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

SECTION 1. INCREASE IN CAP ON QUALIFIED SMALL ISSUE BONDS.

    (a) In General.--Clause (i) of section 144(a)(4)(A) of the Internal 
Revenue Code of 1986 (relating to general rule for $10,000,000 limit in 
certain cases) is amended by striking ``$10,000,000'' and inserting 
``$25,000,000''.
    (b) Aggregate Limit Per Taxpayer.--Subparagraph (A) of section 
144(a)(10) is amended by striking ``$40,000,000'' and inserting 
``$100,000,000''.
    (c) Adjustment of Cap for Inflation.--Subsection (a) of section 144 
of such Code (relating to qualified small issue bond) is amended by 
redesignating paragraph (12) as paragraph (13) and by inserting after 
paragraph (11) the following new paragraph:
            ``(12) Inflation adjustment.--In the case of a calendar 
        year after 2003, the $25,000,000 amount contained in paragraph 
        (4)(A)(i) and the $100,000,000 amount contained in paragraph 
        (10)(A) shall each 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 2002' for 
                                `calendar year 1992' in subparagraph 
                                (B) thereof.
                        Any increase under the preceding sentence which 
                        is not a multiple of $100,000 shall be rounded 
                        to the next lowest multiple of $100,000.''.
    (d) Conforming Amendments.--
            (1) Section 144(a)(4) is amended by striking ``$10,000,000 
        Limit'' in the heading thereof and inserting ``Increased 
        limit''.
            (2) Section 7871(c)(3)(B)(i) of such Code is amended by 
        striking ``144(a)(12)(C)'' and inserting ``144(a)(13)(C)''.
    (e) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
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