Sec. 90105. Modifications to qualified small issue bonds
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/bill/116/hr/2/eh/section-90105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(C)of section 144(a)(12) is amended to read as follows: For purposes of this paragraph— The term manufacturing facility means any facility which— is used in the manufacturing or production of tangible personal property (including the processing resulting in a change in the condition of such property), is used in the creation or production of intangible property which is described in section 197(d)(1)(C)(iii), or is functionally related and subordinate to a facility described in subclause
(I)or
(II)if such facility is located on the same site as the facility described in subclause
(I)or (II). The term manufacturing facility includes facilities that are directly related and ancillary to a manufacturing facility (determined without regard to this clause) if— those facilities are located on the same site as the manufacturing facility, and not more than 25 percent of the net proceeds of the issue are used to provide those facilities. A rule similar to the rule of section 142(b)(2) shall apply for purposes of clause (i). Subclauses
(II)and
(III)of clause
(i)shall not apply to any bond issued on or before the date of the enactment of the Renewable Energy, Efficiency, and Infrastructure Tax Act of 2020 , or to any bond issued to refund a bond issued on or before such date (other than a bond to which clause
(iii)of this subparagraph (as in effect before the date of the enactment of the Renewable Energy, Efficiency, and Infrastructure Tax Act of 2020 ) applies), either directly or in a series of refundings. . Section 144(a)(4) is amended— in subparagraph (A)(i), by striking $10,000,000 and inserting $30,000,000 , and in the heading, by striking and inserting $10,000,000 . $30,000,000 Section 144(a)(4) is amended by adding at the end the following new subparagraph: In the case of any calendar year after 2020, the $30,000,000 amount in subparagraph
(A)shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2019 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount as increased under the preceding sentence is not a multiple of $100,000, such amount shall be rounded to the nearest multiple of $100,000. . The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.