,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #edbb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #ab1         
#bjai,mrs4 ,murphy ( ,florida 7= h]self 
& ,mr4 ,la,hood7 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+ bonds1 to exp&  
c]ta9 exceptions to ! private activity  
bond rules = fir/-"t f>m]s1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,mod]niz+ ,agricultural &  
,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+ ,agricultural & ,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+ ,agricultural
 & ,manufactur+ ,bonds ,act applies771  
ei!r directly or 9 a s]ies ( refund+s4  
4  7b7 ,increase 9 limitations ,section 
#add7;a77#d7 ( su* ,code is am5d$-- 7#a7
 9 subp>agraph 7,a77i71 by /rik+        
#aj1jjj1jjj & ins]t+ #cj1jjj1jjj1 &     
7#b7 9 ! head+1 by /rik+ #aj1jjj1jjj &  
ins]t+ #cj1jjj1jjj4  7c7 ,adju/m5t =    
inflation ,section #add7;a77#d7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subp>agraph3  7,h7 ,adju/m5t = inflation
 ,9 ! case ( any cal5d> ye> aft] #bjbj1 
! #cj1jjj1jjj am\nt 9 subp>agraph 7,a7  
%all 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 = ! cal5d> ye>1 det]m9$ by  
sub/itut+ cal5d> ye> #bjai = cal5d> ye> 
#bjaf 9 subp>agraph 7,a77ii7 !re(4  ,if 
any am\nt z increas$ "u ! prec$+ s5t5ce 
is n a multiple ( #ajj1 su* am\nt %all  
be r\nd$ to ! ne>e/ multiple ( #ajj4  4 
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to obligations   
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4  #c4 ,expansion ( c]ta9 exceptions
 to ! private activity bond rules =     
fir/-"t f>m]s  7a7 ,increase 9 doll>    
limitation  7#a7 ,9 g5]al ,section      
#adg7;c77#b77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ #dej1jjj
 & ins]t+ #eeb1ejj4  7#b7 ,repeal (     
sep>ate l[] doll> limitation on us$ f>m 
equipm5t ,section #adg7;c77#b7 ( su*    
,code is am5d$ by /rik+ subp>agraph 7,f7
 & by r$esignat+ subp>agraphs 7,g7 &    
7,h7 z subp>agraphs 7,f7 & 7,g71        
respectively4  7#c7 ,qualifi$ small     
issue bond limitation con=m$ to increas$
 doll> limitation ,section              

#add7;a77#aa77;,a7 ( su* ,code is am5d$ 
by /rik+ #bej1jjj & ins]t+ #eeb1ejj4    
7#d7 ,inflation adju/m5t  7,a7 ,9 g5]al 
,section #adg7;c77#b77;,g7 ( su* ,code1 
z r$esignat$ by p>agraph 7#b71 is       
am5d$--  7i7 by /rik+ aft] #bjjh1 !     
doll> am\nt 9 subp>agraph 7,a7 %all be  
increas$ & ins]t+ aft] #bjbj1 ! doll>   
am\nts 9 subp>agraph 7,a7 & section     
#add7;a77#aa77;,a7 %all ea* be increas$1
 &  7ii7 9 clause 7ii71 by /rik+ #bjjg &
 ins]t+ #bjai4  7,b7 ,cross-ref]5ce     
,section #add7;a77#aa7 ( su* ,code is   
am5d$ by add+ at ! end ! foll[+ new     
subp>agraph3  7,d7 ,inflation adju/m5t  
,= inflation adju/m5t ( doll> am\nt     
conta9$ 9 subp>agraph 7,a71 see section 
#adg7;c77#b77;,g74  4  7b7 ,sub/antial  
f>ml& det]m9$ on basis ( av]age r ?an   
m$ian f>m size ,section                 
#adg7;c77#b77;,e7 ( su* ,code is am5d$  
by /rik+ m$ian & ins]t+ av]age4  7c7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to bonds issu$ aft] !
 date ( ! enactm5t ( ?is ,act4