H.R.2714 - To amend the Internal Revenue Code of 1986 to disregard certain amounts of capital expenditures in applying $10,000,000 limit on such issues.105th Congress (1997-1998)
|Sponsor:||Rep. Houghton, Amo [R-NY-31] (Introduced 10/23/1997)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/23/1997 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.2714 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in House (10/23/1997)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [H.R. 2714 Introduced in House (IH)] 105th CONGRESS 1st Session H. R. 2714 To amend the Internal Revenue Code of 1986 to disregard certain amounts of capital expenditures in applying $10,000,000 limit on such issues. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 23, 1997 Mr. Houghton (for himself, Mr. English of Pennsylvania, and Mr. Neal of Massachusetts) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to disregard certain amounts of capital expenditures in applying $10,000,000 limit on such issues. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. $10,000,000 OF CAPITAL EXPENDITURES DISREGARDED IN APPLYING $10,000,000 LIMITATION ON FACE AMOUNT OF QUALIFIED SMALL ISSUE BONDS. (a) In General.--Subparagraph (A) of section 144(a)(4) of the Internal Revenue Code of 1986 (relating to $10,000,000 limit in certain cases) is amended by adding at the end the following new flush sentence: ``Capital expenditures which would (but for this sentence) be taken into account under clause (ii) shall be taken into account only to the extent such expenditures exceed $10,000,000.'' (b) Effective Date.--The amendment made by subsection (a) shall apply to-- (1) obligations issued after the date of the enactment of this Act, and (2) capital expenditures made after such date with respect to obligations issued on or before such date. <all>