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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/8/1981--Introduced. Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on small issues of industrial development bonds. Limits the small issue exemption to obligations used to finance the following types of business: (1) manufacturing; (2) processing; and (3) warehousing and distribution facilities. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year.