Small Issue Industrial Development Bond Reform Act of 1982

Summary

Small Issue Industrial Development Bond Reform Act of 1982 - Amends the Internal Revenue Code to disqualify industrial development bonds (IDBs) from the small issue tax exemption if more than ten percent of the proceeds of such bonds are used to finance certain office buildings, retail facilities, or entertainment or recreation facilities. Requires bond-issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Increases to $15,000,000 the amount of industrial development bonds used for economically distressed areas which qualify as tax-exempt small issues. Permits the financing of office buildings and retail facilities in such areas. Specifies requirements relating to poverty for designation as a qualified distressed area. Provides that capital research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Suspends temporary Internal Revenue Service regulations which prohibit pooled issues of bonds for projects located in only one State with respect to bonds sold after August 23, 1981. Sets forth transitional rules.

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1 official file

• Introduced in House

  summary · EN · 15 July 1982

  Open at official source

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