,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #eaii  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bd1 #bjad ,mr4 
,re$ 7= himself1 ,mr4 ,neal1 ,mr4       
,hultgr51 & ,mr4 ,l>son ( ,connecticut7 
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to p]man5tly modify !     
limitations on ! d$uction ( int]e/ by   
f9ancial in/itutions :i* hold tax-exempt
 bonds1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z !         
,municipal ,bond ,m>ket ,support ,act ( 
#bjad4  #b4 ,p]man5t modification (     
small issu] exception to tax-exempt     
int]e/ exp5se allocation rules =        
f9ancial in/itutions  7a7 ,p]man5t      
increase 9 limitation ,subp>agraphs     
7,c77i71 7,d77i71 & 7,d77iii77,,ii7 (   
section #bfe7;b77#c7 ( ! ,int]nal       
,rev5ue ,code ( #aihf are ea* am5d$ by  
/rik+ #aj1jjj1jjj & ins]t+ #cj1jjj1jjj4 
7b7 ,p]man5t modification ( o!r special 
rules ,p>agraph 7#c7 ( section #bfe7;b7 

( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$--  7#a7 by r$esignat+ clauses     
7iv71 7v71 & 7vi7 ( subp>agraph 7,g7 z  
clauses 7ii71 7iii71 & 7iv7 ( su*       
subp>agraph1 respectively1 &  7#b7 by   
/rik+ s mu* ( subp>agraph 7,g7 z prec$es
 su* clauses & ins]t+ ! foll[+3  7,g7   
,qualifi$ #eja7;c77#c7 ,bonds ,treat$ ,z
 ,issu$ ,by ,exempt ,organization ,9 !  
case ( a qualifi$ #eja7;c77#c7 bond 7z  
def9$ 9 section #ade71 ?is p>agraph %all
 be appli$ by treat+ ! #eja7;c77#c7     
organization = ^: b5efit su* bond 0     
issu$ z ! issu]4  7,h7 ,special rule =  
qualifi$ f9anc+s  7i7 ,9 g5]al ,9 ! case
 ( a qualifi$ f9anc+ issue--  7,i7      
subp>agraph 7,f7 %all n apply1 &  7,,ii7
 any obligation issu$ z a "p ( su* issue
 %all be treat$ z a qualifi$ tax-exempt 
obligation if ! requirem5ts ( ?is       
p>agraph are met ) respect to ea*       
qualifi$ portion ( ! issue 7det]m9$ by  
treat+ ea* qualifi$ portion z a sep>ate 
issue :i* is issu$ by ! qualifi$ borr[] 
) respect to :i* su* portion relates74  

4  7c7 ,inflation adju/m5t ,p>agraph    
7#c7 ( section #bfe7;b7 ( ! ,int]nal    
,rev5ue ,code ( #aihf1 z am5d$ by       
subsection 7b71 is am5d$ by add+ at !   
end ! foll[+ new subp>agraph3  7,i7     
,inflation adju/m5t ,9 ! case ( any     
cal5d> ye> aft] #bjad1 ! #cj1jjj1jjj    
am\nts conta9$ 9 subp>agraphs 7,c77i71  
7,d77i71 & 7,d77iii77,,ii7 %all ea* be  
increas$ by an am\nt equal to--  7i7 su*
 doll> am\nt1 multipli$ by  7ii7 !      
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = su* cal5d> ye>1 det]m9$ by 
sub/itut+ cal5d> ye> #bjac = cal5d> ye> 
#aiib 9 subp>agraph 7,b7 !re(4  ,any    
increase det]m9$ "u ! prec$+ s5t5ce %all
 be r\nd$ to ! ne>e/ multiple (         
#ajj1jjj4  4  7d7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 
to obligations issu$ aft] ! date ( !    
enactm5t ( ?is ,act4