S.Amdt. 1647

SA 1647. Mr. BROWN submitted an amendment intended to be proposed by
him to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

Strike section 13532 and insert the following:

SEC. 13532. MODIFICATIONS TO QUALIFIED SMALL ISSUE BONDS.

(a) In General.--
(1) Manufacturing facilities to include production of
intangible property and functionally related facilities.--
Section 144(a)(12)(C) is amended to read as follows:
``(C) Manufacturing facility.--For purposes of this
paragraph--
``(i) In general.--The term `manufacturing facility' means
any facility which--

``(I) is used in the manufacturing or production of
tangible personal property (including the processing
resulting in a change in the condition of such property),
``(II) is used in the creation or production of intangible
property which is described in section 197(d)(1)(C)(iii), or
``(III) 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).

``(ii) Certain facilities included.--The term
`manufacturing facility' includes facilities that are
directly related and ancillary to a manufacturing facility
(determined without regard to this clause) if--

``(I) those facilities are located on the same site as the
manufacturing facility, and

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``(II) not more than 25 percent of the net proceeds of the
issue are used to provide those facilities.

``(iii) Limitation on office space.--A rule similar to the
rule of section 142(b)(2) shall apply for purposes of clause
(i).
``(iv) Limitation on refundings for certain property.--
Subclauses (II) and (III) of clause (i) shall not apply to
any bond issued on or before the date of the enactment of the
Tax Cuts and Jobs Act, 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 Tax Cuts and Jobs Act applies)),
either directly or in a series of refundings.''.
(2) Increase in limitations.--Section 144(a)(4) is
amended--
(A) by striking ``$10,000,000'' in subparagraph (A)(i) and
inserting ``$30,000,000'', and
(B) by striking ``$10,000,000'' in the heading and
inserting ``$30,000,000''.
(3) Effective date.--The amendments made by this subsection
shall apply to obligations issued after the date of the
enactment of this Act.
(b) Delay of Reduced Corporate Tax Rate.--
(1) Section 13001(c) of this Act is amended by striking
``December 31, 2018'' each place it appears and inserting
``December 31, 2019''.
(2) Section 13002(f) of this Act is amended by striking
``December 31, 2018'' each place it appears and inserting
``December 31, 2019''.
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