INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY BONDS.

SEC. 2021. INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY BONDS. (a) In General.—Subsection (d) of section 146 (relating to volume cap) is amended by striking paragraphs (1) and (2) and inserting the following new paragraphs: “(1) In general.—The State ceiling applicable to any State for any calendar year shall be the greater of— “(A) an amount equal to the per capita limit for such year multiplied by the State population, or “(B) the aggregate limit for such year. Subparagraph (B) shall not apply to any possession of the United States. “(2) Per capita limit; aggregate limit.—For purposes of paragraph (1), the per capita limit, and the aggregate limit, for any calendar year shall be determined in accordance with the following table: Calendar Year Per Capita Limit Aggregate Limit 1999 through 2002 $50 $150,000,000 2003 55 165,000,000 2004 60 180,000,000 2005 65 195,000,000 2006 70 210,000,000 2007 and thereafter 75 225,000,000.” (b) Effective Date.—The amendment made by this section shall apply to calendar years after 1998.