For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
The date of the enactment of the Tax Reform Act of 1986, referred to in subsec. (f)(4)(C)(vi), is the date of enactment of Pub. L. 99–514, which was approved
Section 438 of the Higher Education Act of 1965, referred to in subsec. (g), is classified to section 1087–1 of Title 20, Education.
2017—Subsec. (f)(4)(C)(xiv) to (xvii). Pub. L. 115–97 redesignated cls. (xv) to (xvii) as (xiv) to (xvi), respectively, and struck out former cl. (xiv). Prior to amendment, text of cl. (xiv) read as follows: “For purposes of this subpargraph, the end of the initial temporary period shall be determined without regard to section 149(d)(3)(A)(iv).”
2006—Subsec. (f)(4)(D)(ii)(II) to (IV). Pub. L. 109–222 redesignated subcls. (III) and (IV) as (II) and (III), respectively, and struck out former subcl. (II) which read as follows: “all bonds issued by a governmental unit to make loans to other governmental units with general taxing powers not subordinate to such unit shall, for purposes of applying such subclause to such unit, be treated as not issued by such unit.”
2005—Subsec. (b)(4). Pub. L. 109–58 added par. (4).
2001—Subsec. (f)(4)(D)(vii). Pub. L. 107–16 substituted “the lesser of $10,000,000” for “the lesser of $5,000,000”.
1997—Subsec. (c)(2)(B) to (E). Pub. L. 105–34, § 1444(a), redesignated subpars. (C) to (E) as (B) to (D), respectively, and struck out heading and text of former subpar. (B). Text read as follows: “In the case of the proceeds of an issue to be used to make or finance loans under a program described in section 144(b)(1)(A), subparagraph (A) shall be applied by substituting ‘18 months’ for ‘6 months’. The preceding sentence shall not apply to any bond issued after
Subsec. (d)(3). Pub. L. 105–34, § 1443, struck out par. (3) which related to limitations on investment in nonpurpose investments.
Subsec. (f)(4)(B)(ii)(I). Pub. L. 105–34, § 1441, substituted “5 percent of the proceeds of the issue” for “the lesser of 5 percent of the proceeds of the issue or $100,000”.
Subsec. (f)(4)(C)(xvii). Pub. L. 105–34, § 1442, added cl. (xvii).
Subsec. (f)(4)(D)(vii). Pub. L. 105–34, § 223(a), added cl. (vii).
Subsec. (f)(4)(E). Pub. L. 105–34, § 1444(b), struck out subpar. (E) which related to exception for certain qualified student loan bonds.
1990—Subsec. (c)(2)(D). Pub. L. 101–508, § 11701(j)(5), substituted “subsection (f)(4)(C)(iv)” for “subsection (f)(4)(B)(iv)(IV)” in introductory provisions and “subsection (f)(4)(C)(v)” for “subsection (f)(4)(B)(iv)(VIII)” in cl. (i).
Subsec. (c)(2)(D), (E). Pub. L. 101–508, § 11701(j)(6), made technical amendment to Pub. L. 101–239, § 7652(c). See 1989 Amendment note below.
Subsec. (f)(4)(B)(i). Pub. L. 101–508, § 11701(j)(2), substituted in last sentence “replacement fund, and gross proceeds which arise after such 6 months and which were not reasonably anticipated as of the date of issuance, shall not be considered gross proceeds for purposes of subclause (I) only” for “replacement fund shall not be considered gross proceeds for purposes of this subparagraph only” in concluding provisions.
Subsec. (f)(4)(B)(i)(II). Pub. L. 101–508, § 11701(j)(1), amended subcl. (II) generally. Prior to amendment, subcl. (II) read as follows: “the requirements of paragraph (2) are met after such 6 months with respect to earnings on amounts in any reasonably required reserve or replacement fund.”
Subsec. (f)(4)(B)(iv). Pub. L. 101–508, § 11701(j)(4), amended cl. (iv) generally, substituting present provisions for provisions which provided for a special rule to be applied during a 2-year period for certain construction bonds from issues in which at least 75 percent of the net proceeds of the issue were to be used for construction expenditures with respect to property which was owned by a governmental unit or a 501(c)(3) organization.
Subsec. (f)(4)(C) to (E). Pub. L. 101–508, § 11701(j)(3)(A), (B), added subpar. (C) and redesignated former subpars. (C) and (D) as (D) and (E), respectively.
1989—Subsec. (c)(2)(D), (E). Pub. L. 101–239, § 7652(c), as amended by Pub. L. 101–508, § 11701(j)(6), added subpar. (D) and redesignated former subpar. (D) as (E).
Subsec. (d)(3)(E)(ii). Pub. L. 101–239, § 7814(c)(2), struck out “a qualified mortgage bond or” after “in the case of”.
Subsec. (f)(4)(B)(i). Pub. L. 101–239, § 7652(a), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “An issue shall, for purposes of this subsection, be treated as meeting the requirements of paragraph (2) if the gross proceeds of such issue are expended for the governmental purpose for which the issue was issued by no later than the day which is 6 months after the date of issuance of such issue. Gross proceeds which are held in a bona fide debt service fund shall not be considered gross proceeds for purposes of this subparagraph only.”
Subsec. (f)(4)(B)(ii)(I). Pub. L. 101–239, § 7652(d), inserted “each place it appears” after “ ‘6 months’ ”.
Subsec. (f)(4)(B)(iii)(III). Pub. L. 101–239, § 7816(r), substituted “such date of issuance or the date” for “such date of issuance. or the date”.
Subsec. (f)(4)(B)(iv). Pub. L. 101–239, § 7652(b), added cl. (iv).
Subsec. (f)(4)(C)(ii)(II). Pub. L. 101–239, § 7816(t), substituted “to make loans to” for “on behalf of”.
1988—Subsec. (b)(2). Pub. L. 100–647, § 1013(a)(43)(B), struck out at end “Such term shall not include any tax-exempt bond.”
Subsec. (b)(2)(E). Pub. L. 100–647, § 5053(b), added subpar. (E).
Subsec. (b)(3). Pub. L. 100–647, § 1013(a)(43)(A), added par. (3).
Subsec. (d)(2). Pub. L. 100–647, § 1013(a)(14), substituted “any reserve or replacement fund” for “any fund described in paragraph (1)”.
Subsec. (f)(1). Pub. L. 100–647, § 4005(d)(2), struck out “qualified mortgage bond or” after “apply to any”.
Subsec. (f)(3). Pub. L. 100–647, § 6177(b), inserted at end “In the case of a tax and revenue anticipation bond, the last installment shall not be required to be made before the date 8 months after the date of issuance of the issue of which the bond is a part.”
Pub. L. 100–647, § 1013(a)(15), inserted “A series of issues which are redeemed during a 6-month period (or such longer period as the Secretary may prescribe) shall be treated (at the election of the issuer) as 1 issue for purposes of the preceding sentence if no bond which is part of any issue in such series has a maturity of more than 270 days or is a private activity bond.”
Subsec. (f)(4)(A). Pub. L. 100–647, § 6181(a), (b), struck out “unless the issuer otherwise elects,” before “any amount earned” in cl. (ii) and inserted at end of subpar. (A) “In the case of an issue no bond of which is a private activity bond, clause (ii) shall be applied without regard to the dollar limitation therein if the average maturity of the issue (determined in accordance with section 147(b)(2)(A)) is at least 5 years and the rates of interest on bonds which are part of the issue do not vary during the term of the issue.”
Subsec. (f)(4)(B)(iii)(I). Pub. L. 100–647, § 1013(a)(16)(A), substituted “proceeds” for “aggregate face amount”.
Subsec. (f)(4)(B)(iii)(III). Pub. L. 100–647, § 6177(a), substituted “the earlier of the date 6 months after such date of issuance.” for “the earliest of the maturity date of the issue, the date 6 months after such date of issuance,”.
Subsec. (f)(4)(C). Pub. L. 100–647, § 1013(a)(17)(A), in heading substituted “governmental units issuing $5,000,000 or less of bonds” for “small governmental units”, designated existing provision as cl. (i), inserted heading “In general”, redesignated existing cls. (i) to (iv) as subcls. (I) to (IV) and realigned their margins, struck out last sentence providing that cl. (iv) not take into account any bond which is not outstanding at the time of a later issue or which is redeemed, other than in an advance refunding, from the net proceeds of the later issue, and added cls. (ii) to (vi).
Subsec. (f)(4)(C)(i)(IV). Pub. L. 100–647, § 1013(a)(17)(B), struck out “(and all subordinate entities thereof)” after “such unit”.
Subsec. (f)(4)(C)(ii). Pub. L. 100–647, § 6183(a), added subcl. (II) and redesignated former subcls. (II) and (III) as (III) and (IV), respectively.
Subsec. (f)(4)(D)(i). Pub. L. 100–647, § 1013(a)(18), inserted “for a program” before “described in section 144(b)(1)(A)” in introductory text, substituted “such program” for “such a program” in subcl. (I), and inserted at end “Amounts designated as interest on student loans shall not be taken into account in determining whether the issuer is reimbursed for such costs. Except as otherwise hereafter provided in regulations prescribed by the Secretary, costs described in subclause (I) paid from amounts earned as described in the first sentence of this clause may also be taken into account in determining the yield on the student loans under a program described in section 144(b)(1)(A).”
Subsec. (f)(7)(B). Pub. L. 100–647, § 1013(a)(19), substituted “not due” for “due to reasonable cause and not”.
Pub. L. 115–97, title I, § 13532(c),
Pub. L. 109–222, title V, § 508(e),
Amendment by Pub. L. 109–58 applicable to obligations issued after
Pub. L. 107–16, title IV, § 421(b),
Pub. L. 105–34, title II, § 223(b),
Pub. L. 105–34, title XIV, § 1445,
Amendment by Pub. L. 101–508 effective, except as otherwise provided, as if included in the provision of the Revenue Reconciliation Act of 1989, Pub. L. 101–239, title VII, to which such amendment relates, see section 11701(n) of Pub. L. 101–508, set out as a note under section 42 of this title.
Pub. L. 101–508, title XI, § 11701(j)(8),
Pub. L. 101–239, title VII, § 7652(e),
Amendment by sections 7814(c)(2) and 7816(r), (t) of Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100–647, to which such amendment relates, see section 7817 of Pub. L. 101–239, set out as a note under section 1 of this title.
Pub. L. 100–647, title I, § 1013(a)(16)(B),
Pub. L. 100–647, title I, § 1013(a)(17)(C), “(i) Except as provided in clause (ii), the amendments made by this paragraph [amending this section] shall apply to bonds issued after “(ii) At the election of an issuer (made at such time and in such manner as the Secretary of the Treasury or his delegate may prescribe), the amendments made by this paragraph shall apply to such issuer as if included in the amendments made by section 1301(a) of the Tax Reform Act of 1986 [amending section 103 of this title].”
Pub. L. 100–647, title I, § 1013(a)(43)(C),
Amendment by section 1013(a)(14), (15), (18), (19) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Amendment by section 4005(d)(2) of Pub. L. 100–647 applicable to bonds issued, and nonissued bond amounts elected, after
Amendment by section 5053(b) of Pub. L. 100–647 applicable, with certain exceptions, to obligations issued after
Pub. L. 100–647, title VI, § 6177(c),
Pub. L. 100–647, title VI, § 6181(c), “(1) The amendments made by this section [amending this section] shall apply to bonds issued after the date of the enactment of this Act [“(2) Any issue of bonds other than private activity bonds outstanding as of the date of the enactment of this Act shall be allowed a 1-time election to apply the amendments made by subsection (b) [amending this section] to amounts deposited after such date in bona fide debt service funds of such bonds.“(3) For purposes of this section and the last sentence of section 148(f)(4)(A) of the 1986 Code (as added by subsection (b)), the term ‘private activity bond’ shall include any qualified 501(c)(3) bond (as defined under section 145 of the 1986 Code).”
Pub. L. 100–647, title VI, § 6183(b),
Subpart applicable to bonds issued after
Pub. L. 101–508, title XI, § 11701(j)(7),
Pub. L. 99–514, title XIII, § 1301(c),