,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #ecai  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #ca1 #bjad ,mr4 
,hultgr5 7= himself & ,mr4 ,neal7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to modify c]ta9 rules     
applicable to qualifi$ small issue      
manufactur+ bonds4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,mod]niz+ ,am]ican
 ,manufactur+ ,bonds ,act4  #b4         
,modifications to qualifi$ small issue  
bonds  7a7 ,manufactur+ facilities ,to  
include production ( intangible prop]ty 
& functionally relat$ facilities        
,subp>agraph 7,c7 ( section             
#add7;a77#ab7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ to read z foll[s3     
7,c7 ,manufactur+ facility ,= purposes (
 ?is p>agraph--  7i7 ,9 g5]al ,! t]m    
manufactur+ facility means any facility 
:i*--  7,i7 is us$ 9 ! manufactur+ or   
production ( tangible p]sonal prop]ty   
7includ+ ! process+ result+ 9 a *ange 9 

! condition ( su* prop]ty71  7,,ii7 is  
us$ 9 ! creation or production (        
intangible prop]ty :i* is describ$ 9    
section #aig7;d77#a77;,c77iii71 or      
7,,iii7 is functionally relat$ &        
subord9ate to a facility describ$ 9     
subclause 7,i7 or 7,,ii7 if su* facility
 is locat$ on ! same site z ! facility  
describ$ 9 subclause 7,i7 or 7,,ii74    
7ii7 ,c]ta9 facilities includ$ ,! t]m   
manufactur+ facility includes facilities
 t are directly relat$ & ancill>y to a  
manufactur+ facility 7det]m9$ )\t reg>d 
to ?is clause7 if--  7,i7 ^? facilities 
are locat$ on ! same site z !           
manufactur+ facility1 &  7,,ii7 n m ?an 
#be p]c5t ( ! net proce$s ( ! issue are 
us$ to provide ^? facilities4  7iii7    
,limitation on (fice space ,a rule      
simil> to ! rule ( section #adb7;b77#b7 
%all apply = purposes ( clause 7i74     
7iv7 ,limitation on refund+s = c]ta9    
prop]ty ,subclauses 7,,ii7 & 7,,iii7 (  
clause 7i7 %all n apply to any bond     
issu$ on or be=e ! date ( ! enactm5t ( !

 ,mod]niz+ ,am]ican ,manufactur+ ,bonds 
,act1 or to any bond issu$ to refund a  
bond issu$ on or be=e su* date 7o!r ?an 
a bond to :i* clause 7iii7 ( ?is        
subp>agraph 7z 9 effect be=e ! date ( ! 
enactm5t ( ! ,mod]niz+ ,am]ican         
,manufactur+ ,bonds ,act applies771 ei!r
 directly or 9 a s]ies ( refund+s4  4   
7b7 ,increase 9 limitations ,p>agraph   
7#d7 ( section #add7;a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$--  7#a7  
by /rik+ #aj1jjj1jjj 9 subp>agraph      
7,a77i7 & ins]t+ #cj1jjj1jjj1 &  7#b7 by
 /rik+ #aj1jjj1jjj 9 ! head+ & ins]t+   
#cj1jjj1jjj4  7c7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 
to obligations issu$ aft] ! date ( !    
enactm5t ( ?is ,act4