‘‘(ii) ‘$50,000’ for ‘$100,000’ in para-
graph (2)(A)’’, and
‘‘(iii) ‘$27,750’ for ‘$55,500’ in para-
graph (2)(C)(ii).’’.
(3) The subsection heading for subsection (i) of
section 469 of such Code is amended by striking
‘‘$25,000’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to property placed in service on
or after the date of the enactment of this Act, in taxable
years ending on or after such date.
SEC. 202. REHABILITATION CREDIT ALLOWED TO OFFSET
PORTION OF ALTERNATIVE MINIMUM TAX.
(a) IN GENERAL.—Section 38(c) of the Internal Rev-
enue Code of 1986 (relating to limitation based on amount
of tax) is amended by redesignating paragraph (2) as
paragraph (3) and by inserting after paragraph (1) the
following new paragraph:
‘‘(2) REHABILITATION
INVESTMENT
CREDIT
MAY OFFSET PORTION OF MINIMUM TAX.—
‘‘(A) IN GENERAL.—In the case of the re-
habilitation investment tax credit—
‘‘(i) this section and section 39 shall
be applied separately with respect to such
credit, and
‘‘(ii) for purposes of applying para-
graph (1) to such credit—
‘‘(I) the tentative minimum tax
under subparagraph (A) thereof shall
be reduced by the minimum tax offset
amount determined under subpara-
graph (B) of this paragraph, and
‘‘(II) the limitation under para-
graph (1) (as modified by subclause
(I)) shall be reduced by the credit al-
lowed under subsection (a) for the
taxable year (other than the rehabili-
tation investment tax credit).
‘‘(B) MINIMUM
TAX
OFFSET
AMOUNT.—
For purposes of subparagraph (A)(ii)(I), the
minimum tax offset amount is an amount equal
to—
‘‘(i) in the case of a taxpayer not de-
scribed in clause (ii), the lesser of—
‘‘(I) 25 percent of the tentative
minimum tax for the taxable year, or
‘‘(II) $20,000, or
‘‘(ii) in the case of a C corporation
other than a closely held C corporation (as
defined in section 469(j)(1)), 5 percent of
the tentative minimum tax for the taxable
year.
‘‘(C) REHABILITATION
INVESTMENT
TAX
CREDIT.—For purposes of this paragraph, the
term ‘regular investment tax credit’ means the
portion of the credit under subsection (a) which
is attributable to the credit determined under
section 47.’’.
(b) CONFORMING AMENDMENT.—Section 38(d) of
the Internal Revenue Code of 1986 (relating to compo-
nents of investment credit) is amended by adding at the
end the following new paragraph:
‘‘(4) SPECIAL
RULE
FOR
REHABILITATION
CREDIT.—Notwithstanding paragraphs (1) and (2),
the rehabilitation investment tax credit (as defined
in subsection (c)(2)(C)) shall be treated as used
last.’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1995.
SEC. 
203. 
COMMERCIAL 
INDUSTRIAL 
DEVELOPMENT
BONDS.
(a) FACILITY BONDS.—
(1) IN
GENERAL.—Subsection (a) of section
142 of the Internal Revenue Code of 1986 (relating
to exempt facility bond) is amended by striking ‘‘or’’
at the end of paragraph (11), by striking the period
at the end of paragraph (12) and inserting a
comma, and by adding at the end the following new
paragraphs:
‘‘(13) sports facilities,
‘‘(14) convention or trade show facilities,
‘‘(15) freestanding parking facilities,
‘‘(16) air or water pollution control facilities, or
‘‘(17) industrial parks.’’.
(2) INDUSTRIAL PARKS DEFINED.—Section 142
of the Internal Revenue Code of 1986 is amended by
adding at the end the following new subsection:
‘‘(k) INDUSTRIAL PARKS.—A facility shall be treated
as described in subsection (a)(17) only if all of the prop-
erty to be financed by the net proceeds of the issue—
‘‘(1) is—
‘‘(A) land, and
‘‘(B) water, sewage, drainage, or similar
facilities, or transportation, power, or commu-
nication facilities incidental to the use of such
land as an industrial park, and
‘‘(2) is not structures or buildings (other than
with respect to facilities described in paragraph
(1)(B)).’’.