S.1251 - A bill to amend the Internal Revenue Code of 1986 to increase the amount of private activity bonds which may be issued in each State, and to index such amount for inflation.105th Congress (1997-1998)
|Sponsor:||Sen. D'Amato, Alfonse [R-NY] (Introduced 10/03/1997)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/03/1997 Read twice and referred to the Committee on Finance. (All Actions)|
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Text: S.1251 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in Senate (10/03/1997)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [S. 1251 Introduced in Senate (IS)] 105th CONGRESS 1st Session S. 1251 To amend the Internal Revenue Code of 1986 to increase the amount of private activity bonds which may be issued in each State, and to index such amount for inflation. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES October 3, 1997 Mr. D'Amato (for himself and Mr. Breaux) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase the amount of private activity bonds which may be issued in each State, and to index such amount for inflation. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INCREASE IN STATE CEILING ON PRIVATE ACTIVITY BONDS. (a) Repeal of Post-1987 Reduction.--Subsection (d) of section 146 of the Internal Revenue Code of 1986 (relating to State ceiling) is amended by striking paragraph (2). (b) Adjustment of State Ceiling for Increases in Cost-of-Living.-- Subsection (d) of section 146 of such Code is amended by inserting after paragraph (1) the following new paragraph: ``(2) Cost-of-living adjustment.-- ``(A) In general.--In the case of a calendar year after 1998, each of the dollar amounts contained in paragraph (1) shall be increased by an amount equal to-- ``(i) such dollar amount, multiplied by ``(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting `calendar year 1997' for `calendar year 1992' in subparagraph (B) thereof. ``(B) Rounding.--If any increase under subparagraph (A) is not a multiple of the applicable dollar amount, such increase shall be rounded to the nearest applicable dollar amount. For purposes of the preceding sentence, the applicable dollar amount is-- ``(i) $1 in the case of an adjustment of the $75 amount in paragraph (1)(A), and ``(ii) $5 in the case of an adjustment of the $250 amount in paragraph (1)(B).'' (c) Effective Date.--The amendments made by this section shall apply to calendar years after 1997. <all>