1988—Subsec. (b)(6)(N). Pub. L. 100–647, § 1013(c)(12)(A), amended subpar. (N), as in effect on the day before the date of the enactment of Pub. L. 99–514 [
“(i)
“(ii)
“(I) the average maturity date of the issue of which the refunding obligation is a part is not later than the average maturity date of the obligations to be refunded by such issue,
“(II) the amount of the refunding obligation does not exceed the outstanding amount of the refunded obligation, and
“(III) the proceeds of the refunding obligation are used to redeem the refunded obligation not later than 90 days after the date of the issuance of the refunding obligation.
For purposes of subclause (I), average maturity shall be determined in accordance with subsection (b)(14)(B)(i).”
Subsec. (c)(7). Pub. L. 100–647, § 1013(a)(34)(A), amended par. (7), as in effect on the day before the date of the enactment of Pub. L. 99–514 [
1986—Pub. L. 99–514, § 1301(a), in amending section generally, substituted “Interest on State and local bonds” for “Interest on certain governmental obligations” in section catchline.
Subsec. (a). Pub. L. 99–514, § 1301(a), substituted “Exclusion” for “General rule” in heading and amended text generally. Prior to amendment, text read as follows: “Gross income does not include interest on—
“(1) the obligations of a State, a Territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia; and
“(2) qualified scholarship funding bonds.”
Subsec. (b). Pub. L. 99–514, § 1301(a), in amending section generally, substituted provision relating to exceptions for provision relating to industrial development bonds.
Subsec. (b)(11). Pub. L. 99–272 struck out par. (11) relating to pollution control facilities acquired by regional pollution control authorities.
Subsec. (b)(13), (14)(A). Pub. L. 99–514, § 1871(b), substituted “and (6)” for “(6), and (7)”.
Subsec. (b)(16)(A). Pub. L. 99–514, § 1870, substituted “clause (ii)” for “clause (i)”.
Subsec. (b)(17)(A). Pub. L. 99–514, § 1871(b), substituted “and (6)” for “(6), and (7)”.
Subsec. (c). Pub. L. 99–514, § 1301(a), in amending section generally, substituted provision relating to definitions for provision relating to arbitrage.
Subsecs. (d) to (g). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsecs. (d) to (g) which related to certain irrigation dams, qualified scholarship funding bonds, certain federally guaranteed obligations, and qualified steam-generating or alcohol-producing facilities, respectively.
Subsec. (h). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (h) which provided that obligations must not be guaranteed.
Subsec. (h)(2)(A). Pub. L. 99–514, § 1899A(2), substituted “guaranteed” for “guaranted”.
Subsec. (h)(5)(A). Pub. L. 99–514, § 1865(a), struck out “the United States,” after “program of”.
Subsecs. (i) to (k). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsecs. (i) to (k) which related to obligations of certain volunteer fire departments, provided that obligations must be in registered form to be tax-exempt, and required public approval for industrial development bonds, respectively.
Subsec. (l). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (l) which related to information reporting requirements for certain bonds.
Subsec. (l)(2)(F). Pub. L. 99–514, § 1864(d), added subpar. (F) which read: “if such obligation is a private activity bond (as defined in subsection (n)(7)), such information as the Secretary may require for purposes of determining whether the requirements of subsection (n) are met with respect to such obligation.”
Subsec. (m). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (m) which related to obligations exempt other than under this title.
Subsec. (m)(1). Pub. L. 99–514, § 1871(a)(1), substituted “(j), (k), (l), (n), and (o)” for “(k), (l), and (n)”.
Subsec. (m)(3)(B). Pub. L. 99–514, § 1899A(3), substituted “608(a)(6)(A)” for “608(6)(A)”.
Subsec. (n). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (n) which related to limitation on aggregate amount of private activity bonds issued during any calendar year.
Subsec. (n)(6)(A), (B)(i). Pub. L. 99–514, § 1864(b), substituted “governmental units or other authorities” for “governmental units”.
Subsec. (n)(7)(C)(i). Pub. L. 99–514, § 1864(c), substituted “all of the property to be financed by the obligation” for “the property described in such paragraph”.
Subsec. (n)(10)(B). Pub. L. 99–514, § 1864(e), substituted “identify project” for “specify project” in heading and “identify (with reasonable specificity) the project” for “specify the project” in text of subpar. (B)(i).
Subsec. (n)(10)(D). Pub. L. 99–514, § 1864(e)(2), substituted “any identification or specification” for “any specification”.
Subsec. (n)(13). Pub. L. 99–514, § 1864(a)(1), added par. (13).
Subsec. (o). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (o) relating to consumer loan bonds.
Pub. L. 99–514, § 1869(a), (b)(1), substituted “Private loan bonds” for “Consumer loan bonds” in subsection and par. (2) headings, “private loan bond” for “consumer loan bond” in text of pars. (1), (2)(A) and (B), and “subsection (c)(6)(H)(i)” for “subsection (c)(6)(G)(i)” in par. (2)(C)(ii).
Pub. L. 99–514, § 1869(b)(2), redesignated subsec. (o), relating to cross references, as (p).
Subsec. (p). Pub. L. 99–514, § 1301(a), in amending section generally, struck out subsec. (p) which related to cross references.
Pub. L. 99–514, § 1869(b)(2), redesignated former subsec. (o), relating to cross references, as (p).
Subsec. (p)(4). Pub. L. 99–514, § 1899A(4), substituted “
1984—Subsec. (b)(4). Pub. L. 98–369, § 628(e), inserted “For purposes of subparagraph (A), any property shall not be treated as failing to be residential rental property merely because part of the building in which such property is located is used for purposes other than residential rental purposes.”
Subsec. (b)(6)(F)(iv). Pub. L. 98–369, § 474(r)(4), substituted “section 30(b)(2)(A)” for “section 44F(b)(2)(A)”.
Subsec. (b)(6)(N). Pub. L. 98–369, § 630, designated existing provisions as cl. (i) and added cls. (ii) and (iii).
Subsec. (b)(6)(P). Pub. L. 98–369, § 628(c), added subpar. (P).
Subsec. (b)(7). Pub. L. 98–369, § 628(g), repealed par. (7) which related to advance refunding of qualified public facilities.
Subsec. (b)(13). Pub. L. 98–369, § 628(d), inserted “For purposes of this paragraph— (A) a partnership and each of its partners (and their spouses and minor children) shall be treated as related persons, and (B) an S corporation and each of its shareholders (and their spouses and minor children) shall be treated as related persons.”
Subsec. (b)(15). Pub. L. 98–369, § 623, added par. (15).
Subsec. (b)(16) to (18). Pub. L. 98–369, § 627, added pars. (16) to (18).
Subsec. (c). Pub. L. 98–369, § 624(b)(2), struck out “bonds” after “Arbitrage” in heading.
Subsec. (c)(1). Pub. L. 98–369, § 624(b)(3), inserted “to arbitrage bonds” in heading.
Subsec. (c)(6), (7). Pub. L. 98–369, § 624(a), added par. (6) and redesignated former par. (6) as (7).
Subsec. (h). Pub. L. 98–369, § 622, amended subsec. (h) generally, in par. (1) substituting provisions that obligations are not included in the section if they are federally guaranteed for provisions which excluded obligations guaranteed, in whole or part, by the U.S. under a program to conserve energy, or under other Federal or State programs, in par. (2) substituting provisions defining “federally guaranteed” for provisions setting forth obligations to which this subsection applies, and adding pars. (3) to (5).
Subsec. (m)(1). Pub. L. 98–369, § 628(a)(1), inserted “In the case of an obligation issued after
Subsec. (m)(2)(B). Pub. L. 98–369, § 628(a)(2), substituted “is exempt from tax under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act” for “is exempt from taxation under any provision of this title”.
Subsec. (m)(3). Pub. L. 98–369, § 628(a)(3), added par. (3).
Subsec. (n). Pub. L. 98–369, § 621, added subsec. (n). Former subsec. (n), relating to cross references, redesignated (o).
Subsec. (o). Pub. L. 98–369, § 626(a), added subsec. (o) relating to consumer loan bonds.
Pub. L. 98–369, § 621, redesignated subsec. (n), relating to cross references, as (o).
1983—Subsec. (m). Pub. L. 97–424, § 547(a), added subsec. (m). Former subsec. (m) redesignated (n).
Pub. L. 97–473 amended subsec. (m) generally, adding pars. (1) and (2), redesignating former pars. (1) to (3) as (3) to (5), respectively, and striking out par. (24) which had provided reference regarding exempt-interest dividends to section 852(b)(5)(B.) See section 722(b) of Pub. L. 98–369, set out as a note below.
Subsec. (n). Pub. L. 97–424, § 547(a), redesignated former subsec. (m), relating to cross references, as (n).
1982—Subsec. (b)(2). Pub. L. 97–248, § 215(b)(2), substituted “For purposes of this section” for “For purposes of this subsection”.
Subsec. (b)(4). Pub. L. 97–248, §§ 217(a)(1), (b), 221(a), (c)(1), 310(c)(1), in subpar. (A) substituted “if at all times during the qualified project period” for “if each obligation issued pursuant to the issue is in registered form and if” after “residential rental property”, and struck out “(within the meaning of section 167(k)(3)(B))” after “low or moderate income”, added subpar. (J), struck out provision that for purposes of subpar. (A), “targeted area project” meant a project located in a qualified census tract (within the meaning of section 103A(k)(2)) or an area of chronic economic distress (within the meaning of section 103A(k)(3)) and, in last sentence, substituted “electric energy or gas from” for “electric energy from”.
Subsec. (b)(6)(C). Pub. L. 97–248, § 217(a)(3), substituted “paragraph (13)” for “paragraph (7)”.
Subsec. (b)(6)(F)(iv). Pub. L. 97–248, § 214(d), added cl. (iv).
Subsec. (b)(6)(K) to (O). Pub. L. 97–248, § 214(a)–(c), (e), added subpars. (K) to (O).
Subsec. (b)(9)(A). Pub. L. 97–248, § 217(c), inserted “ferry,” after “rail car” in provisions preceding cl. (i), and in cl. (ii), inserted “(or, in the case of a ferry, mass transportation services)” after “mass commuting services”.
Subsec. (b)(10). Pub. L. 97–248, § 217(a)(2), added par. (10). Former par. (10) redesignated (13).
Subsec. (b)(11). Pub. L. 97–248, § 217(d), added par. (11).
Subsec. (b)(12). Pub. L. 97–248, § 221(b), added par. (12). [Provisions of par. (12)(A) were formerly contained, as undesignated provisions, in par. (4).]
Subsec. (b)(13). Pub. L. 97–248, § 217(a)(2), redesignated former par. (10) as (13).
Subsec. (b)(14). Pub. L. 97–248, § 219(a), added par. (14).
Subsec. (h). Pub. L. 97–248, § 310(c)(2), substituted “must not be guaranteed or subsidized” for “must be in registered form and not guaranteed or subsidized” in heading, and in par. (1) struck out subpar. (A) reading “such obligation is not issued in registered form”, and redesignated subpars. (B) and (C) as (A) and (B), respectively.
Subsec. (j). Pub. L. 97–248, § 310(b)(1), added subsec. (j). Former subsec. (j), relating to cross references, redesignated (m).
Subsec. (k). Pub. L. 97–248, § 215(a), added subsec. (k).
Subsec. (l). Pub. L. 97–248, § 215(b)(1), added subsec. (l).
Subsec. (m). Pub. L. 97–248, §§ 215(a), (b)(1), 310(b)(1), redesignated former subsec. (j), relating to cross references, as (m).
1981—Subsec. (b)(4)(I). Pub. L. 97–34, § 811(a), added subpar. (I).
Subsec. (b)(9), (10). Pub. L. 97–34, § 811(b), added par. (9) and redesignated former par. (9) as (10).
Subsecs. (i), (j). Pub. L. 97–34, § 812(a), added subsec. (i) and redesignated former subsec. (i) as (j).
1980—Subsec. (b)(4). Pub. L. 96–499, § 1103(b), inserted before last sentence provisions defining “targeted area project” for purposes of subpar. (A).
Subsec. (b)(4)(A). Pub. L. 96–499, § 1103(a), substituted provisions relating to low or moderate income residential rental property for provisions relating to residential real property for family units.
Subsec. (b)(4)(H). Pub. L. 96–223, § 242(a)(1), added subpar. (H).
Subsec. (b)(6)(J). Pub. L. 96–499, § 1103(c), added subpar. (J).
Subsec. (b)(8), (9). Pub. L. 96–223, § 242(a)(2), added par. (8) and redesignated former par. (8) as (9).
Subsec. (c)(5). Pub. L. 96–222, § 107(a)(3)(C), amended the directory language of Pub. L. 96–500, § 703(q)(1). See 1978 Amendment note below for subsec. (c)(5).
Subsec. (g). Pub. L. 96–223, § 241(a), added subsec. (g). Former subsec. (g) redesignated (i).
Subsec. (h). Pub. L. 96–223, § 244(a), added subsec. (h).
Subsec. (i). Pub. L. 96–223, §§ 241(a), 244(a), redesignated former subsec. (g) as (i).
1978—Subsec. (b)(1). Pub. L. 95–600, § 703(j)(1)(A), substituted “subsection (a)(1) or (2)” for “subsection (a)(1)” in heading.
Subsec. (b)(4). Pub. L. 95–600, §§ 332(a), 333(a), in subpar. (G)(i) inserted reference to electric utility, industrial, agricultural, or commercial users and added subpar. (G)(ii) and provision following subpar. (G)(ii) relating to the local furnishing of electric energy.
Subsec. (b)(6)(D). Pub. L. 95–600, § 331(a), substituted in heading and cl. (i) “$10,000,000” for “$5,000,000”.
Subsec. (b)(6)(I). Pub. L. 95–600, § 331(b), added subpar. (I).
Subsec. (b)(7), (8). Pub. L. 95–600, § 334(a), (b), added par. (7), redesignated former par. (7) as (8) and, as so redesignated, substituted “(6), and (7)” for “and (6)”.
Subsec. (c)(1). Pub. L. 95–600, § 703(j)(1)(B), substituted in heading and text “(a)(1) or (2)” for “(a)(1) or (4)”.
Subsec. (c)(2)(A). Pub. L. 95–600, § 703(j)(1)(C), substituted “subsection (a)(1) or (2)” for “subsection (a)(1) or (2) or (4)”.
Subsec. (c)(5). Pub. L. 95–600, § 703(j)(1)(D), (q)(1), as amended by Pub. L. 96–222, § 107(a)(3)(C), substituted “section 438 of the Higher Education Act of 1965” for “section 2 of the Emergency Insured Student Loan Act of 1969” and “paragraph (2)(A)” for “subsection (d)(2)(A)”.
Subsec. (d). Pub. L. 95–600, § 703(j)(1)(E), substituted “subsection (b)(4)(G)” for “subsection (c)(4)(G)”.
Subsec. (e). Pub. L. 95–339 redesignated second subsec. (e), relating to cross references, as (g).
Subsec. (f). Pub. L. 95–339 added subsec. (f).
Subsec. (g). Pub. L. 95–339 redesignated second subsec. (e), relating to cross references, as (g).
1976—Subsec. (a). Pub. L. 94–455, §§ 1901(a)(17)(A), 2105(a), added par. (2) relating to qualified scholarship funding bonds. Former pars. (2) and (3), relating to obligations of the United States and to the obligations of corporations organized under an Act of Congress, were struck out.
Subsec. (b). Pub. L. 94–455, § 1901(a)(17)(B), (C), redesignated subsec. (c) as (b) and in par. (1) of subsec. (b) as so redesignated substituted “subsection (a)(1) or (2)” for “subsection (a)(1)”. Former subsec. (b), which created an exception to the rule that gross income did not include interest on obligations of the United States, by providing that the exception did not apply to obligations of the United States (with specified exceptions) unless under the authorizing Acts such interest is wholly exempt from the taxes imposed by this subtitle, was struck out.
Subsec. (c). Pub. L. 94–455, §§ 1901(a)(17)(B), (D), (b)(8)(B), 1906(b)(13)(A), 2105(c), redesignated subsec. (d) as (c) and, in subsec. (c) as so redesignated, substituted “(a)(1) or (4)” for “(a)(1)” in par. (1) and “(a)(1) or (2) or (4)” for “(a)(1)” in par. (2)(A), substituted “educational organization described in section 170(b)(1)(A)(ii)” for “educational institution (within the meaning of section 151(e)(4))” in par. (3)(A), added par. (5), redesignated former par. (5) as (6), and in par. (6) as so redesignated substituted “Secretary” for “Secretary or his delegate”. Former subsec. (c) redesignated (b).
Subsec. (d). Pub. L. 94–455, § 1901(a)(17)(B), redesignated subsec. (e) as (d). Former subsec. (d) redesignated (c).
Subsec. (e). Pub. L. 94–455, §§ 1901(a)(17)(B), (E), 2105(b), 2137(d), added subsec. (e) relating to qualified scholarship funding bonds, redesignated former subsec. (f) relating to cross references as a second subsec. (e), reduced the number of cross references in subsec. (e) as so redesignated from twenty-three (which made reference to various obligations of the United States and of corporations organized under Acts of Congress) to three, relating, respectively, to Puerto Rican bonds, Virgin Islands insular and municipal bonds, and certain obligations issued under title I of the Housing Act of 1949, and inserted a fourth cross reference, designated as par. (24) relating to the treatment of exempt-interest dividends. Former subsec. (e) redesignated (d).
Subsec. (f). Pub. L. 94–455, § 1901(a)(17)(B), redesignated subsec. (f), relating to cross references, as (e).
1975—Subsecs. (e), (f). Pub. L. 94–182 and Pub. L. 94–164 made identical amendments, adding subsec. (e) and redesignating former subsec. (e) as (f).
1971—Subsec. (c)(4)(E). Pub. L. 92–178, § 315(a)(1), substituted “energy or gas,” for “energy, gas, or water or”.
Subsec. (c)(4)(F). Pub. L. 92–178, § 315(a)(2), substituted “, or” for a period.
Subsec. (c)(4)(G). Pub. L. 92–178, § 315(a)(3), added subpar. (G).
Subsec. (c)(6)(F)(iii). Pub. L. 92–178, § 315(b), substituted “$1,000,000” for “$250,000”.
1969—Subsecs. (d), (e). Pub. L. 91–172 added subsec. (d) and redesignated former subsec. (d) as (e).
1968—Subsec. (c). Pub. L. 90–364 added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (c)(6)(D) to (H). Pub. L. 90–634 added subpars. (D) to (H).
Subsec. (d). Pub. L. 90–364 redesignated former subsec. (c) as (d).
Pub. L. 100–647, title I, § 1013(a)(34)(B),
Amendment by section 1301(a) of Pub. L. 99–514 applicable to bonds issued after
Amendment by sections 1864(b)–(e), 1865(a), 1869(a), (b), 1870, and 1871(b) of Pub. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title.
Pub. L. 99–514, title XVIII, § 1864(a)(2), “(A) Except as provided in subparagraph (B), the amendment made by paragraph (1) [amending this section] shall apply to obligations issued after the date of the enactment of this Act [“(B) At the election of the issuer (made at such time and in such manner as the Secretary of the Treasury or his delegate shall prescribe), the amendment made by paragraph (1) shall apply to any obligation issued on or before the date of the enactment of this Act.”
Pub. L. 99–514, title XVIII, § 1871(a)(2),
Amendment by section 474(r)(4) of Pub. L. 98–369 applicable to taxable years beginning after
Pub. L. 98–369, div. A, title VI, § 624(c), “(1) Except as otherwise provided in this subsection, the amendments made by this section [amending this section and section 103A of this title] shall apply with respect to bonds issued after “(2) The amendments made by this section shall not apply to obligations issued for the Essex County New Jersey Resource Recovery Project authorized by the Port Authority of New York and New Jersey on
Pub. L. 98–369, div. A, title VI, § 626(b), Program Amount of Allowable Obligations Colorado Student Obligation Bond Authority $60 million Connecticut Higher Education Supplementary Loan Authority $15.5 million District of Columbia $50 million Illinois Higher Education Authority $70 million State of Iowa $16 million Louisiana Public Facilities Authority $75 million Maine Health and Higher Education Facilities Authority $5 million Maryland Higher Education Supplemental Loan Program $24 million Massachusetts College Student Loan Authority $90 million Minnesota Higher Education Coordinating Board $60 million New Hampshire Higher Education and Health Facilities Authority $39 million New York Dormitory Authority $120 million Pennsylvania Higher Education Assistance Agency $300 million Georgia Private Colleges and University Authority $31 million Wisconsin State Building Commission $60 million South Dakota Health and Educational Facilities Authority $6 million“(1) Except as otherwise provided in this subsection the amendment made by subsection (a) [amending this section] shall apply to obligations issued after the date of enactment of this Act [“(2) “(A) The amendments made by this section [amending this section] shall not apply to obligations issued by a program described in the following table to the extent the aggregate face amount of such obligations does not exceed the amount of allowable obligations specified in the following table with respect to such program:“(B) Subparagraph (A) shall apply to obligations issued by the Pennsylvania Higher Education Assistance Agency only if such obligations are issued solely for the purpose of refunding student loan bonds outstanding on “(3) For purposes of applying section 103(o) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], the term ‘consumer loan bond’ shall not include any mortgage subsidy bond (within the meaning of section 103A(b) of such Code) to which the amendments made by section 1102 of the Mortgage Subsidy Bond Tax Act of 1980 [enacting section 103A of this title] do not apply.“(4) The amendments made by this section [amending this section] shall not apply to any obligation or series of obligations the proceeds of which are used exclusively to refund obligations issued before “(A) the amount of the refunding obligations may not exceed 101 percent of the aggregate face amount of the refunded obligations, and“(B) the maturity date of any refunding obligation may not be later than the date which is 17 years after the date on which the refunded obligation was issued (or, in the case of a series of refundings, the date on which the original obligation was issued).“(5) The amendments made by this section [amending this section] shall not apply to any obligation substantially all of the proceeds of which are used to carry out a program established under State law which has been in effect in substantially the same form during the 30-year period ending on the date of enactment of this Act [“(A) in the same manner in which,“(B) in the same (or lesser) amount per participant, and“(C) for the same purposes for which,such program was operated on “(6) The amendments made by this section [amending this section] shall not apply to any obligations described in section 243 of the Crude Oil Windfall Profit Tax Act of 1980 [Pub. L. 96–223, set out as a note below].“(7) The amendments made by this section [amending this section] shall not apply to any obligation which is issued as part of an issue 95 percent or more of the proceeds of which are to be used to provide a project to acquire and redevelop a downtown area if—“(A) on “(B) before “(C) the State supreme court issued a ruling regarding the proposed financing structure for such project on The aggregate face amount of obligations to which this paragraph applies shall not exceed $85,000,000 and such obligations must be issued before
Pub. L. 98–369, div. A, title VI, § 631, “(a) “(1) Except as otherwise provided in this subsection, the amendment made by section 621 [amending this section] shall apply to obligations issued after “(2) The amendment made by section 621 shall not apply to any issue of obligations if—“(A) there was an inducement resolution (or other comparable preliminary approval) for the issue before “(B) the issue is issued before “(3) If—“(A) there was an inducement resolution (or other comparable preliminary approval) for a project before “(B) a substantial user of such project notifies the issuing authority within 30 days after the date of the enactment of this Act [“(C) construction of such project began before such issuing authority shall allocate its share of the limitation under section 103(n) of such Code for the calendar year during which the obligations were to be issued pursuant to such resolution (or other approval) first to such project. If the amount of obligations required by all projects which meet the requirements of the preceding sentence exceeds the issuing authority’s share of the limitation under section 103(n) of such Code, priority under the preceding sentence shall be provided first to those projects for which substantial expenditures were incurred before “(3) [(4)] In the case of any city, if—“(A) the city council of such city authorized a feasibility study for a convention center on “(B) on the amendment made by section 621 shall not apply to any issue, issued during 1984, 1985, 1986, or 1987 and substantially all of the proceeds of which are to be used to finance the convention center (or access ramps and parking facilities therefor) described in subparagraph (A) or the facility described in subparagraph (B).“(b) “(1) Except as otherwise provided in this section, the amendments made by section 628(b) [amending section 168 of this title] shall apply to property placed in service after “(2) “(A) The amendments made by section 628(b) shall not apply with respect to facilities—“(i) the original use of which commences with the taxpayer and the construction, reconstruction, or rehabilitation of which began before “(ii) with respect to which a binding contract to incur significant expenditures was entered into before “(B) “(i) Except as provided in clause (ii), in the case of property placed in service after “(ii) In the case of facilities the original use of which commences with the taxpayer and with respect to which significant expenditures are made before “(C) In the case of an inducement resolution or other comparable preliminary approval adopted by an issuing authority before “(c) “(1) Except as otherwise provided in this subtitle, the amendments made by sections 622, 623, 627, and 628(c), (d), and (e) (and the provisions of sections 625(c), 628(f), and 629(b)) [amending this section and enacting provisions set out as notes under this section] shall apply to obligations issued after “(2) Notwithstanding any other provision of this section, clause (ii) of section 103(h)(2)(B) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by this subtitle) shall apply to obligations issued after “(3) “(A) The amendments (and provisions) referred to in paragraph (1) shall not apply to obligations with respect to facilities—“(i) the original use of which commences with the taxpayer and the construction, reconstruction, or rehabilitation of which began before “(ii) the original use of which commences with the taxpayer and with respect to which a binding contract to incur significant expenditures for construction, reconstruction, or rehabilitation was entered into before “(iii) acquired after “(B) Subparagraph (C) of subsection (b)(2) shall apply for purposes of subparagraph (A) of this paragraph.“(C) Subparagraph (A) shall not apply with respect to the amendment made by section 628(e) and the provisions of sections 628(f) and 629(b) [amending this section and enacting provisions set out as notes under this section].“(4) The amendment made by section 628(g) [amending this section] shall apply to refunding obligations issued after the date of the enactment of this Act [“(5) In the case of any health club facility, with respect to the amendment made by section 627(c) [amending this section]—“(A) paragraph (1) shall be applied by substituting ‘“(B) paragraph (3) shall be applied by substituting ‘“(d) The amendments made by this subtitle [sections 621–632 of Pub. L. 98–369, amending this section and sections 103A and 168 of this title and enacting provisions set out as notes under this section] shall not apply to any property (and shall not apply to obligations issued to finance such property) if such property is described in any of the following paragraphs:“(1) Any property described in paragraph (5), (6), or (7) of section 31(g) of this Act [set out as an Effective Date of 1984 Amendment note under section 168 of this title].“(2) Any property described in paragraph (4), (8), or (17) of section 31(g) of this Act [set out as an Effective Date of 1984 Amendment note under section 168 of this title] but only if the obligation is issued before “(3) Any property described in paragraph (3) of section 216(b) of the Tax Equity and Fiscal Responsibility Act of 1982 [set out as an Effective Date of 1982 Amendment note under section 168 of this title].“(4) Any solid waste disposal facility described in section 103(b)(4)(E) of the Internal Revenue Code of 1986 if—“(A) a State public authority created pursuant to State legislation which took effect on “(B) such authority issues obligations for any such facility before “(C) expenditures have been made for the development of any such facility before “(5) Any solid waste disposal facility described in section 103(b)(4)(E) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] if—“(A) a city government, by resolutions adopted on “(B) such city government (or a public authority on its behalf) issues obligations for such facility before “(C) expenditures have been made for the development of such facility before “(e) “(1) For purposes of this section, the term ‘significant expenditures’ means expenditures which equal or exceed the lesser of—“(A) $15,000,000, or“(B) 20 percent of the estimated cost of the facilities.“(2) For purposes of paragraph (1), the amount of any UDAG grant preliminarily approved on “(f) If—“(1) there was an inducement resolution (or other comparable preliminary approval) for an issue before “(2) such issue is issued before “(A) the amendments made by section 623 [amending this section],“(B) the amendments made by subsections (a) and (b) of section 627 [amending this section] (except to the extent such amendments relate to farm land),“(C) in the case of a race track, the amendment made by section 627(c) [amending this section], and“(D) the amendments made by section 628(c) [amending this section].”
[Section 1872(a)(2)(B) of Pub. L. 99–514 provided that the amendment of section 631(c)(3) of Pub. L. 98–369, set out above, made by section 1872(a)(2)(B) of Pub. L. 99–514 is effective with respect to obligations issued after
For effective date of amendment by Pub. L. 97–473, see section 204(2) of Pub. L. 97–473, set out as an Effective Date note under section 7871 of this title.
Pub. L. 97–248, title II, § 214(f), “(1) The amendments made by subsections (a) and (b) [amending this section] shall apply to obligations issued after the date of the enactment of this Act [“(2) The amendment made by subsection (c) [amending this section] shall take effect on the date of the enactment of this Act [“(3) The amendment made by subsection (d) [amending this section] shall apply with respect to expenditures made after the date of the enactment of this Act [“(4) The amendment made by subsection (e) [amending this section] shall apply to obligations issued after
Pub. L. 97–248, title II, § 215(c), “(1) The amendment made by subsection (a) [amending this section] shall apply to obligations issued after “(A) was issued before “(B) has a maturity which does not exceed 3 years.“(2) The amendments made by subsection (b) [amending this section] shall apply to obligations issued after
Pub. L. 97–248, title II, § 217(e),
Pub. L. 97–248, title II, § 219(b),
Pub. L. 97–248, title II, § 221(d), “(1) Except as provided in paragraph (2), the amendments made by this section [amending this section and section 1104 of Pub. L. 96–499, formerly set out as a note under section 103A of this title] shall apply to obligations issued after the date of the enactment of this Act [“(2) The amendments made by this section shall not apply with respect to any obligation to which the amendments made by section 1103 of the Mortgage Subsidy Bond Tax Act of 1980 [section 1103 of Pub. L. 96–499, amending this section] do not apply by reason of section 1104 of such Act [section 1104 of Pub. L. 96–499, formerly set out as a note under section 103A of this title].”
Pub. L. 97–248, title III, § 310(d), “(1) Except as otherwise provided in this subsection, the amendments made by this section [enacting section 4701 of this title and section 757c–5 of former Title 31, Money and Finance, and amending this section and sections 103A, 163, 165, 312, and 1232 of this title] shall apply to obligations issued after “(2)“(3) The amendments made by subsection (b) [enacting section 4701 of this title and amending this section and sections 163, 165, 312, and 1232 of this title] shall not apply to any obligations issued after
Pub. L. 97–34, title VIII, § 811(c),
Pub. L. 97–34, title VIII, § 812(b)(1),
For effective date of amendment by Pub. L. 96–499, see section 1104 of Pub. L. 96–499, set out as an Effective Date note under section 103A of this title.
Pub. L. 96–223, title II, § 241(d),
Pub. L. 96–223, title II, § 242(c),
Pub. L. 96–223, title II, § 244(b),
Pub. L. 95–339, title II, § 201(c),
Pub. L. 95–600, title III, § 331(c), “(1) The amendments made by subsection (a) [amending this section] shall apply to—“(A) obligations issued after “(B) capital expenditures made after “(2) The amendment made by subsection (b) [amending this section] shall apply to—“(A) obligations issued after “(B) capital expenditures made after
Pub. L. 95–600, title III, § 332(b),
Pub. L. 95–600, title III, § 333(b),
Pub. L. 95–600, title III, § 334(c),
Pub. L. 95–600, title VII, § 703(q)(2),
Amendment by section 703(j)(1) of Pub. L. 95–600 effective on
Amendment by section 1901(a)(17), (b)(8)(B) of Pub. L. 94–455 applicable with respect to taxable years ending after
Amendment by section 1906(b)(13)(A) of Pub. L. 94–455 effective
Pub. L. 94–455, title XXI, § 2105(d),
Amendment by section 2137(d) of Pub. L. 94–455 applicable to taxable years beginning after
Pub. L. 94–182, title III, § 301(b),
Pub. L. 94–164, § 7(b),
Pub. L. 92–178, title III, § 315(c),
Pub. L. 91–172, title VI, § 601(b),
Pub. L. 90–634, title IV, § 401(b),
Pub. L. 90–364, title I, § 107(b)(1),
Functions of Commissioner of Education transferred to Secretary of Education by section 3441(a)(1) of Title 20, Education.
Pub. L. 98–369, div. A, title VII, § 722(b),
Pub. L. 100–647, title I, § 1013(a)(35), “(A) Treasury Regulation section 1.103–13(g) (1979) is hereby enacted into positive law.“(B)(i) Except as provided in clause (ii), subparagraph (A) shall apply to obligations sold after “(ii) Treasury Regulation section 1.103–13(g) (1979) as enacted into positive law by subparagraph (A) shall cease to apply to the extent hereafter modified by the Secretary of the Treasury or his delegate by regulations.”
Pub. L. 100–647, title I, § 1013(c)(15),
For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after
Pub. L. 99–514, title XVIII, § 1865(b), “(1) such guarantee is pursuant to a commitment made by the Farmers Home Administration before “(2) such obligation is issued to finance a convention center project in Carbondale, Illinois.”
Pub. L. 99–514, title XVIII, § 1865(c), “(1) Any obligation which is part of an issue a substantial portion of the proceeds of which is to be used to finance a solid waste disposal facility described in paragraph (2) shall not, for purposes of section 103(h) of the Internal Revenue Code of 1954 [now 1986], be treated as an obligation which is federally guaranteed by reason of the sale of fuel, steam, electricity, or other forms of usable energy to the Federal Government or any agency or instrumentality thereof.“(2) A solid waste disposal facility is described in this paragraph if such facility is described in section 103(b)(4)(E) of such Code and—“(A) if—“(i) a public State authority created pursuant to State legislation which took effect on “(ii) such authority issues obligations for such facility before “(iii) expenditures have been made for the development of such facility before “(B) if—“(i) such facility is operated by the South Eastern Public Service Authority of Virginia, and“(ii) on “(C) if—“(i) a political subdivision of a State took formal action on “(ii) such facility has a contract to sell steam to a naval base,“(iii) such political subdivision issues obligations for such facility before “(iv) expenditures have been made for the development of such facility before “(D) if—“(i) such facility is a thermal transfer facility,“(ii) is to be built and operated by the Elk Regional Resource Authority, and“(iii) is to be on land leased from the United States Air Force at Arnold Engineering Development Center near Tullahoma, Tennessee.“(3) “(A) In the case of a solid waste disposal facility described in paragraph (2)(A), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $65,000,000.“(B) In the case of a solid waste disposal facility described in paragraph (2)(B), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $20,000,000. Such amount shall be in addition to the amount permitted under the Internal Revenue Service ruling referred to in paragraph (2)(B)(ii).“(C) In the case of a solid waste disposal facility described in paragraph (2)(C), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $75,000,000.“(D) In the case of a solid waste disposal facility described in paragraph (2)(D), the aggregate face amount of obligations to which paragraph (1) applies shall not exceed $25,000,000.”
Pub. L. 99–514, title XVIII, § 1866, “The amendment made by section 623 of the Tax Reform Act of 1984 [section 623 of Pub. L. 98–369, amending this section] shall not apply to any obligation (or series of obligations) issued to refund another tax-exempt IDB to which the amendment made by such section 623 did not apply if—“(1) the average maturity of the issue of which the refunding obligation is a part does not exceed the average maturity of the obligations to be refunded by such issue,“(2) the amount of the refunding obligation does not exceed the amount of the refunded obligation, and“(3) the proceeds of the refunding obligation are used to redeem the refunded obligation not later than 90 days after the date of the issuance of the refunding obligation.For purposes of the preceding sentence, the term ‘tax-exempt IDB’ means any industrial development bond (as defined in section 103(b) of the Internal Revenue Code of 1954 [now 1986]) the interest on which is exempt from tax under section 103(a) of such Code. For purposes of paragraph (1), average maturity shall be determined in accordance with subsection (b)(14)(B)(i) of such Code.”
[Pub. L. 100–647, title I, § 1018(m)(5),
Pub. L. 99–514, title XVIII, § 1867(b), “(1) such obligation is issued before “(2) such obligation is issued after such date to provide additional financing for such project except that the aggregate amount of obligations to which this subsection applies shall not exceed $10,000,000.”
Pub. L. 99–514, title XVIII, § 1869(c)(1)–(4), “(1) Obligations issued by the city of Baltimore, Maryland, after “(A) such obligations are not industrial development bonds (within the meaning of section 103(b)(2) of the Internal Revenue Code of 1954 [now 1986]),“(B) the portion of the proceeds of such obligations so used is attributable to debt approved by voter referendum on or before “(C) the loans to such nonexempt persons were approved by the Board of Estimates of the city of Baltimore on or before “(D) the aggregate amount of such temporary advances financed or refinanced by such obligations does not exceed $27,000,000.“(2) The amendment made by section 626(a) of the Tax Reform Act of 1984 [section 626(a) of Pub. L. 98–369, amending this section] shall not apply to any obligation issued during 1984 to provide financing for the White Pine Power Project in Nevada.“(3) The amendment made by section 626(a) of the Tax Reform Act of 1984 shall not apply to any tax increment financing obligation issued before “(A) substantially all of the proceeds of the issue are to be used to finance—“(i) sewer, street, lighting, or other governmental improvements to real property,“(ii) the acquisition of any interest in real property (by a governmental unit having the power to exercise eminent domain), the preparation of such property for new use, or the transfer of such interest to a private developer, or“(iii) payments of reasonable relocation costs of prior users of such real property,“(B) all of the activities described in subparagraph (A) are pursuant to a redevelopment plan adopted by the issuing authority before the issuance of such issue,“(C) repayment of such issue is secured exclusively by pledges of that portion of any increase in real property tax revenues (or their equivalent) attributable to the redevelopment resulting from the issue (or similar issues), and“(D) none of the property described in subparagraph (A) is subject to a real property or other tax based on a rate or valuation method which differs from the rate and valuation method applicable to any other similar property located within the jurisdiction of the issuing authority.“(4) The amendment made by section 626(a) of the Tax Reform Act of 1984 shall not apply to obligations issued by Massachusetts Municipal Wholesale Electric Company Project No. 6 if—“(A) such obligation is issued before “(B) such obligation is issued after such date to refund a prior obligation for such project, except that the aggregate amount of obligations to which this subparagraph applies shall not exceed $100,000,000, or“(C) such obligation is issued after such date to provide additional financing for such project except that the aggregate amount of obligations to which this subparagraph applies shall not exceed $45,000,000.Subparagraph (B) shall not apply to any obligation issued for the advance refunding of any obligation.”
Pub. L. 99–514, title XVIII, § 1869(c)(6), “(A) The amendment made by section 626(a) of the Tax Reform Act of 1984 [section 626(a) of Pub. L. 98–369, amending this section] shall not apply to any obligation issued to finance the project described in subparagraph (B) if—“(i) such obligation is issued before “(ii) such obligation is issued after such date to refund a prior tax exemption obligation for such project, the amount of such obligation does not exceed the outstanding amount of the refunded obligation, and such prior tax exempt obligation is retired not later than the date 30 days after the issuance of the refunding obligation, or“(iii) such obligation is issued after such date to provide additional financing for such project except that the aggregate amount of obligations to which this clause applies shall not exceed $150,000,000.Clause (ii) shall not apply to any obligation issued for the advance refunding of any obligation.“(B) The project described in this subparagraph in the St. Johns River Power Park system in Florida which was authorized by legislation enacted by the Florida Legislature in February of 1982.”
Pub. L. 98–369, div. A, title VI, § 629, “(a) For purposes of applying section 103(b)(3) of the Internal Revenue Code [of 1986] with respect to—“(1) any obligations issued after the date of enactment of this Act [“(2) any obligations issued after the term ‘exempt person’ shall include a regulated public utility having any customer service area within a State served by a public power authority which was required as a condition of a Federal Power Commission license specified by an Act of Congress enacted prior to the enactment of section 107 of the Revenue and Expenditure Control Act of 1968 (Public Law 90–364) [“(b) Section 103(b)(1) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] shall not apply to any obligation which is described in section 103(b)(6)(A) of such Code if—“(1) substantially all of the proceeds of such obligation are used to acquire railroad track and right-of-way from a railroad involved in a title 11 or similar proceeding (within the meaning of section 368(a)(3)(A) of such Code), and“(2) the Federal Railroad Administration provides joint financing for such acquisitions.“(c) “(1) Any obligation described in subsection (a) shall be treated as a private activity bond for purposes of section 103(n) of the Internal Revenue Code of 1986.“(2) The aggregate amount of obligations to which subsection (a)(1) applies shall not exceed $911,000,000.“(3) Subsection (a)(1) shall only apply to obligations issued as part of an issue substantially all the proceeds of which are used to provide 1 or more of the following:“(A) Cable facilities.“(B) Small hydroelectric facilities.“(C) The acquisition of an interest in an electrical generating facility.“(D) Improvements to existing generating facilities.“(E) Transmission lines.“(F) Electric generating facilities.”
Treatment of Pub. L. 98–369, § 631(d)(3), residential real property as residential rental property, see section 1809(a)(4)(C) of Pub. L. 99–514, set out as a note under section 168 of this title.
Pub. L. 98–369, div. A, title VI, § 628(f), “If—“(1) the proceeds of any issue are to be used to finance a facility or facilities located on a public airport, and“(2) the governmental unit issuing such obligations is the owner or operator of such airport,such governmental unit shall be deemed to be the only governmental unit having jurisdiction over such airport for purposes of subsection (k) of section 103 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (relating to public approval for industrial development bonds).”
Pub. L. 98–369, div. A, title VI, § 628(h), “(1) such obligation is part of an issue,“(2) substantially all of the proceeds of such issue are used to provide facilities with respect to which an urban development action grant under section 119 of the Housing and Community Development Act of 1974 [42 U.S.C. 5318] was preliminarily approved by the Secretary of Housing and Urban Development on “(3) the Secretary of Housing and Urban Development determines, at the time such grant is approved, that the amount of such grant will equal or exceed 5 percent of the total capital expenditures incurred with respect to such facilities.”
Pub. L. 98–369, div. A, title VI, § 625, “(a) “(1) The Secretary shall prescribe regulations which specify the circumstances under which a qualified student loan bond shall be treated as an arbitrage bond for purposes of section 103 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]. Such regulations may provide that—“(A) paragraphs (4) and (5) of section 103(c) of such Code shall not apply, and“(B) rules similar to section 103(c)(6) shall apply,to qualified student loan bonds.“(2) For purposes of this subsection—“(A) The term ‘qualified student loan bond’ has the meaning given to such term by section 103(o)(3) of the Internal Revenue Code of 1986 (as amended by this Act).“(B) The term ‘arbitrage bond’ has the meaning given to such term by section 103(c)(2).“(3) “(A) Except as otherwise provided in this paragraph, any regulations prescribed by the Secretary under paragraph (1) shall apply to obligations issued after the qualified date.“(B) “(i) For purposes of this paragraph, the term ‘qualified date’ means the earlier of— “(I) the date on which the Higher Education Act of 1965 [20 U.S.C. 1001 et seq.] expires, or “(II) the date, after the date of enactment of this Act [“(ii) Notwithstanding clause (i), the qualified date shall not be a date which is prior to the date that is 6 months after the date on which the regulations prescribed under paragraph (1) are published in the Federal Register.“(C) Regulations prescribed by the Secretary under paragraph (1) shall not apply to any obligation (or series of refunding obligations) issued exclusively to refund any qualified student loan bond which was issued before the qualified date, except that the requirements of subparagraphs (A) and (B) of section 626(b)(4) of this Act [set out in Effective Date of 1984 Amendment note above] must be met with respect to such refunding.“(D) Regulations prescribed by the Secretary under paragraph (1) shall not apply to any obligations which are needed to fulfill written commitments to acquire or finance student loans which are originated after “(i) such commitments are binding on the qualified date, and“(ii) the amount of such commitments is consistent with practices of the issuer which were in effect on “(b) Under regulations prescribed by the Secretary of the Treasury or his delegate, any student loan bond (other than a qualified student loan bond) issued after “(c) Any issuer who may issue obligations described in section 103(a) of the Internal Revenue Code of 1986 may elect to issue student loan bonds which are not described in such section 103(a) of such Code without prejudice to—“(1) the status of any other obligations issued, or to be issued, by such issuer as obligations described in section 103(a) of such Code, or“(2) the status of the issuer as an organization exempt from taxation under such Code.“(d) For purposes of Federal law, any determination by the executive branch of the Federal Government of whether interest on any obligation is exempt from taxation under the Internal Revenue Code of 1986 shall be exclusively within the jurisdiction of the Department of the Treasury.“(e) “(1) The Comptroller General of the United States and the Director of the Congressional Budget Office, shall conduct studies of—“(A) the appropriate role of tax-exempt bonds which are issued in connection with the guaranteed student loan program and the PLUS program established under the Higher Education Act of 1965 [20 U.S.C. 1001 et seq.], and“(B) the appropriate arbitrage rules for such bonds.“(2) The Comptroller General of the United States and the Director of the Congressional Budget Office, shall submit to the Committee on Finance and the Committee on Labor and Human Resources [now Committee on Health, Education, Labor, and Pensions] of the Senate and the Committee on Ways and Means and the Committee on Education and Labor [now Committee on Education and the Workforce] of the House of Representatives reports on the studies conducted under paragraph (1) by no later than 9 months after the date of enactment of this Act [
Pub. L. 96–223, title II, § 241(b), “(1) For purposes of section 103 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], any obligation issued by an authority for 2 or more political subdivisions of a State which is part of an issue substantially all of the proceeds of which are to be used to provide solid waste-energy producing facilities shall be treated as an obligation of a political subdivision of a State which meets the requirements of section 103(b)(4)(E) of such Code (relating to solid waste disposal, etc., facilities). Nothing in the preceding sentence shall be construed to override the limitations of section 103(c) of such Code (relating to arbitrage bonds).“(2) For purposes of paragraph (1), the term ‘solid waste-energy producing facilities’ means any solid waste disposal facility and any facility for the production of steam and electrical energy if—“(A) substantially all of the fuel for the facility producing steam and electrical energy is derived from solid waste from such solid waste disposal facility,“(B) both such solid waste disposal facility and the facility producing steam and electrical energy are owned and operated by the authority referred to in paragraph (1), and“(C) all of the electrical energy and steam produced by the facility for producing steam and electricity which is not used by such facility is sold, for purposes other than resale, to an agency or instrumentality of the United States.“(3) For purposes of paragraph (2), the term ‘solid waste disposal facility’ means any solid waste disposal facility within the meaning of section 103(b)(4)(E) of the Internal Revenue Code of 1986 (determined without regard to section 103(g) of such Code).“(4) This subsection shall not apply to any obligation which is not issued in registered form.”
Pub. L. 96–223, title II, § 241(c), “(1) Subparagraph (C) of section 103(g)(3) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by subsection (a)) shall not apply to any facility for the production of alcohol from solid waste if—“(A) substantially all of the solid waste derived feedstock for such facility is produced at a facility which—“(i) went into full production in 1977,“(ii) is located within the limits of a city, and“(iii) is located in the same metropolitan area as the alcohol-producing facility, and“(B) before “(2) The aggregate amount of obligations which may be issued by reason of paragraph (1) with respect to any project shall not exceed $30,000,000.“(3) This subsection shall not apply to obligations issued after
Pub. L. 96–223, title II, § 242(b), “(1) For purposes of section 103(b)(4)(H) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (relating to qualified hydroelectric generating facilities), in the case of a hydroelectric generating facility described in paragraph (2)—“(A) the facility shall be treated as a qualified hydroelectric generating facility (as defined in section 103(b)(8)(A) of such Code) without regard to clause (ii) of section 48(l)(13)(B) of such Code (relating to maximum generating capacity), and“(B) the fraction referred to in subparagraph (C) of section 103(b)(8) of such Code shall be deemed to be 1.“(2) A facility is described in this paragraph if—“(A) it would be a qualified hydroelectric generating facility (as defined in section 103(b)(8)(A) of such Code) if clause (ii) of section 48(l)(13)(B) did not apply,“(B) it constitutes an expansion of generating capacity at an existing hydroelectric generating facility,“(C) such facility is located at 1 of 2 dams located in the same county where—“(i) the rated capacity of the hydroelectric generating facilities at each such dam on “(ii) the construction of the first such dam began in 1956, power at such first dam was first generated in 1959, and full power production at such first dam began in 1961, and“(iii) the construction of the second such dam began in 1959, power at such second dam was first generated in 1963, and full power production at such second dam began in 1964,“(D) acquisition or construction of the existing facility referred to in subparagraph (B) was financed with the proceeds of an obligation described in section 103(a)(1) of such Code,“(E) the existing facility is owned and operated by a State, political subdivision of a State, or agency or instrumentality of any of the foregoing,“(F) no more than 60 percent of the electric power and energy produced by such existing facility and of the qualified hydroelectric generating facility is to be sold to anyone other than an exempt person (within the meaning of section 103(b)(3) of such Code), and“(G) the agency of the State in which the facility is located which has jurisdiction over water rights had granted, before
Pub. L. 96–223, title II, § 243, “(a) “(1) Paragraph (1) of subsection (b) of section 103 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] shall not apply to any obligation issued as part of an issue substantially all of the proceeds of which are to be used to provide renewable energy property, if—“(A) the obligations are general obligations of a State,“(B) the authority for the issuance of the obligations requires that taxes be levied in sufficient amount to provide for the payment of principal and interest on such obligations,“(C) the amount of such obligations, when added to the sum of the amounts of all such obligations previously issued by the State which are outstanding, does not exceed the smaller of—“(i) $500,000,000 or“(ii) one-half of 1 percent of the value of all property in the State,“(D) such obligations are issued pursuant to a program to provide financing for small scale energy projects which was established by a State the legislature of which, before “(E) such obligations meet the requirements of paragraph (1) of section 103(h) of the Internal Revenue Code of 1986.“(2) For purposes of this subsection, the term ‘renewable energy property’ means property used to produce energy (including heat, electricity, and substitute fuels) from renewable energy sources (including wind, solar, and geothermal energy, waste heat, biomass, and water).“(b) Subsection (a) shall apply with respect to obligations issued after the date of enactment of this Act [
Pub. L. 95–600, title III, § 337, “(a) The payment to a charitable organization of a refund profit held in a trust fund or escrow arrangement, or held by an underwriter or other person under a qualified agreement in accordance with that agreement—“(1) shall not cause the refunding obligations out of which the refund profit arose to be treated as arbitrage bonds (within the meaning of section 103(c) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]) and“(2) may be paid without penalty imposed on the issuer of such obligations.“(b) In the case of a State or local government which, before “(1) requested in writing a rule by the Internal Revenue Service with respect to the tax consequences of paying refund profit to charitable organizations,“(2) failed to receive a favorable ruling and did not pay the refund profit to a charitable organization, andwhich accounted to the United States for refund profit by direct payment to the United States, or by the purchase of low-interest United States obligations, the Secretary of the Treasury shall pay, out of any amounts in the Treasury not otherwise appropriated, an amount equal to the refund profit for which the State or local government has accounted to the United States. Amounts paid to a State or local government under this subsection shall be distributed to such charitable organizations within 90 days after the date on which the payment is received by the State or local government in the same manner as if the refund profit had not been paid to the United States and met the requirements of subsection (a).“(c) For purposes of this section—“(1) The term ‘Refund profit’ means interest, profit, or other amounts generated by, or arising out of, the advance refunding, before “(2) The term ‘charitable organization’ means an organization described in section 501(c)(3) of such Code and exempt from taxation under section 501(a) of such Code other than an organization described in section 509(a) of such Code.“(3) The term ‘qualified agreement’ means an agreement (whether or not enforceable) which provides for, or contemplates, the payment of refund profit to one or more charitable organizations.“(4) The term ‘low-interest United States obligations’ means United States obligations which bear an interest rate lower than the highest rate of interest borne by public debt securities generally available for purchase at the time such obligations were purchased.”
Pub. L. 90–364, title I, § 107(b)(2), “(A) the issuance of the obligation (or the project in connection with which the proceeds of the obligations are to be used) was authorized or approved by the governing body of the governmental unit issuing the obligation or by the voters of such governmental unit;“(B) in connection with the issuance of such obligation or with the use of the proceeds to be derived from the sale of such obligation or the property to be acquired or improved with such proceeds, a governmental unit has made a significant financial commitment;“(C) any person (other than a governmental unit) who will use the proceeds to be derived from the sale of such obligation or the property to be acquired or improved with such proceeds has expended (or has entered into a binding contract to expend) for purposes which are related to the use of such proceeds or property, an amount equal to or in excess of 20 percent of such proceeds; or“(D) in the case of an obligation issued in conjunction with a project where financial assistance will be provided by a governmental agency concerned with economic development, such agency has approved the project or an application for financial assistance is pending.”