[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Pages S7477-S7478]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1647. Mr. BROWN submitted an amendment intended to be proposed by 
him to the bill H.R. 1, to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018; which was ordered to lie on the table; as follows:

       Strike section 13532 and insert the following:

     SEC. 13532. MODIFICATIONS TO QUALIFIED SMALL ISSUE BONDS.

       (a) In General.--
       (1) Manufacturing facilities to include production of 
     intangible property and functionally related facilities.--
     Section 144(a)(12)(C) is amended to read as follows:
       ``(C) Manufacturing facility.--For purposes of this 
     paragraph--
       ``(i) In general.--The term `manufacturing facility' means 
     any facility which--

       ``(I) is used in the manufacturing or production of 
     tangible personal property (including the processing 
     resulting in a change in the condition of such property),
       ``(II) is used in the creation or production of intangible 
     property which is described in section 197(d)(1)(C)(iii), or
       ``(III) is functionally related and subordinate to a 
     facility described in subclause (I) or (II) if such facility 
     is located on the same site as the facility described in 
     subclause (I) or (II).

       ``(ii) Certain facilities included.--The term 
     `manufacturing facility' includes facilities that are 
     directly related and ancillary to a manufacturing facility 
     (determined without regard to this clause) if--

       ``(I) those facilities are located on the same site as the 
     manufacturing facility, and

[[Page S7478]]

       ``(II) not more than 25 percent of the net proceeds of the 
     issue are used to provide those facilities.

       ``(iii) Limitation on office space.--A rule similar to the 
     rule of section 142(b)(2) shall apply for purposes of clause 
     (i).
       ``(iv) Limitation on refundings for certain property.--
     Subclauses (II) and (III) of clause (i) shall not apply to 
     any bond issued on or before the date of the enactment of the 
     Tax Cuts and Jobs Act, or to any bond issued to refund a bond 
     issued on or before such date (other than a bond to which 
     clause (iii) of this subparagraph (as in effect before the 
     date of the enactment of the Tax Cuts and Jobs Act applies)), 
     either directly or in a series of refundings.''.
       (2) Increase in limitations.--Section 144(a)(4) is 
     amended--
       (A) by striking ``$10,000,000'' in subparagraph (A)(i) and 
     inserting ``$30,000,000'', and
       (B) by striking ``$10,000,000'' in the heading and 
     inserting ``$30,000,000''.
       (3) Effective date.--The amendments made by this subsection 
     shall apply to obligations issued after the date of the 
     enactment of this Act.
       (b) Delay of Reduced Corporate Tax Rate.--
       (1) Section 13001(c) of this Act is amended by striking 
     ``December 31, 2018'' each place it appears and inserting 
     ``December 31, 2019''.
       (2) Section 13002(f) of this Act is amended by striking 
     ``December 31, 2018'' each place it appears and inserting 
     ``December 31, 2019''.
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