,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bajj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ag1 #bjbe,ms4   
,ern/ 7= h]self1 ,mr4 ,w>n]1 & ,mrs4    
,hyde-,smi?7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,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  7#a7 ,9 
g5]al ,section #add7;a77#d7 ( su* ,code 
is am5d$-- 7,a7 9 subp>agraph 7,a77i71  
by /rik+ #aj1jjj1jjj & ins]t+           
#cj1jjj1jjj1 &  7,b7 9 ! head+1 by /rik+
 #aj1jjj1jjj & ins]t+ #cj1jjj1jjj4  7#b7
 ,increase 9 additional capital         
exp5ditures n tak5 into acc\nt ,section 
#add7;a77#d77;,g7 ( su* ,code is am5d$  
by ins]t+ #cj1jjj1jjj1 9 ! case ( bonds 
issu$ aft] ! date ( ! enactm5t ( !      
,mod]niz+ ,agricultural & ,manufactur+  
,bonds ,act4  7#c7 ,increase 9 aggregate

 limit p] taxpay] ,section              
#add7;a77#aj77;,a7 ( su* ,code is am5d$ 
by /rik+ #dj1jjj1jjj & ins]t+           
#abj1jjj1jjj4  7#d7 ,adju/m5t =         
inflation ,section #add7;a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
at ! end ! foll[+ new p>agraph3  7#ac7  
,adju/m5t = inflation ,9 ! case ( any   
cal5d> ye> aft] #bjbe1 ! #cj1jjj1jjj    
am\nts 9 p>agraph 7#d77;,a71 !          
#cj1jjj1jjj am\nt 9 p>agraph 7#d77;,g71 
& ! #abj1jjj1jjj am\nt 9 p>agraph       
7#aj77;,a7 %all ea* be increas$ by an   
am\nt equal to-- 7,a7 su* doll> am\nt1  
multipli$ by  7,b7 ! co/-(-liv+ adju/m5t
 det]m9$ "u section #a7;f77#c7 = !      
cal5d> ye>1 det]m9$ by sub/itut+ cal5d> 
ye> #bjbd = cal5d> ye> #bjaf 9          
subp>agraph 7,a77ii7 !re(4  ,if any     
am\nt z increas$ "u ! prec$+ s5t5ce is n
 a multiple ( #ajj1jjj1 su* am\nt %all  
be r\nd$ to ! ne>e/ multiple ( #ajj1jjj4
  4  7c7 ,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+ #a1jjj1jjj4  
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+     
#a1jjj1jjj4  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] #bjbf1 ! 
doll> am\nts 9 subp>agraph 7,a7 &       
section #add7;a77#aa77;,a7 %all ea* be  

increas$1  7ii7 9 clause 7ii71 by /rik+ 
#bjjg & ins]t+ #bjbe1 &  7iii7 9 ! la/  
s5t5ce1 by /rik+ #ajj ea* place x appe>s
 & ins]t+ #aj1jjj4  7,b7 ,cross-ref]5ce 
,section #add7;a77#aa7 ( su* ,code is   
am5d$ 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]  
,decemb] #ca1 #bjbe4