26 USC 147 - Other requirements applicable to certain private activity bonds

Inflation Adjusted Items for Certain Years

For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.

Editorial Notes

References in Text

The date of the enactment of the Tax Reform Act of 1986, referred to in subsec. (span)(5), is the date of enactment of Puspan. L. 99–514, which was approved Oct. 22, 1986.

Codification

Puspan. L. 110–234 and Puspan. L. 110–246 made identical amendments to this section. The amendments by Puspan. L. 110–234 were repealed by section 4(a) of Puspan. L. 110–246.

Amendments

2017—Subsec. (c)(2)(H)(ii). Puspan. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”.

2012—Subsec. (e). Puspan. L. 112–95 inserted at end: “The preceding sentence shall not apply to any fixed-wing aircraft equipped for, and exclusively dedicated to providing, acute care emergency medical services (within the meaning of section 4261(g)(2)).”

2008—Subsec. (c)(2)(A). Puspan. L. 110–246, § 15341(a), substituted “$450,000” for “$250,000”.

Subsec. (c)(2)(C)(i)(II). Puspan. L. 110–246, § 15341(d), substituted “the amount in effect under subparagraph (A)” for “$250,000”.

Subsec. (c)(2)(E). Puspan. L. 110–246, § 15341(c), substituted “unless such parcel is smaller than 30 percent of the median size of a farm in the county in which such parcel is located.” for “unless—

“(i) such parcel is smaller than 30 percent of the median size of a farm in the county in which such parcel is located, and

“(ii) the fair market value of the land does not at any time while held by the individual exceed $125,000.”

Subsec. (c)(2)(H). Puspan. L. 110–246, § 15341(span), added subpar. (H).

2001—Subsec. (h). Puspan. L. 107–16, § 422(e), substituted “certain bonds” for “mortgage revenue bonds, qualified student loan bonds, and qualified 501(c)(3) bonds” in heading.

Subsec. (h)(3). Puspan. L. 107–16, § 422(d), added par. (3).

1996—Subsec. (c)(2)(E)(i). Puspan. L. 104–188, § 1117(span), substituted “30 percent” for “15 percent”.

Subsec. (c)(2)(G). Puspan. L. 104–188, § 1117(a), added subpar. (G).

1990—Subsec. (d)(3)(B). Puspan. L. 101–508 substituted “section 47(c)(2)(B)” for “section 48(g)(2)(B)”.

1989—Subsec. (c)(3). Puspan. L. 101–239 inserted a comma after “mass commuting facility” in introductory provisions and in subpar. (A).

1988—Subsec. (c)(3). Puspan. L. 100–647, § 6180(span)(4), inserted “high-speed intercity rail facility” after “mass commuting facility” in introductory text and in subpar. (A).

Subsec. (e). Puspan. L. 100–647, § 1013(a)(11), struck out “treated as” after “shall not be”.

Subsec. (f)(2)(D). Puspan. L. 100–647, § 1013(a)(29), substituted “the average maturity date of the issue of which the refunding bond is a part is later than the average maturity date of the bonds to be refunded by such issue. For purposes of the preceding sentence, average maturity shall be determined in accordance with subsection (span)(2)(A)” for “the maturity date of such bond is later than the maturity date of the bond to be refunded”.

Subsec. (f)(2)(E)(i). Puspan. L. 100–647, § 1013(a)(36), inserted sentence at end relating to treatment of an individual appointed to fill a vacancy in the office of an elected official.

Subsec. (f)(3). Puspan. L. 100–647, § 6180(span)(5), inserted “or high-speed intercity rail facilities” after “airports” in heading and after “airport” in subpars. (A) and (B) and in last sentence.

Subsec. (f)(4). Puspan. L. 100–647, § 1013(a)(12), added par. (4).

Subsec. (g)(1). Puspan. L. 100–647, § 1013(a)(13)(A), substituted “proceeds” for “aggregate face amount”.

Subsec. (g)(2). Puspan. L. 100–647, § 1013(a)(13)(B), substituted “proceeds” for “aggregate authorized face amount” and “do” for “does”.

Statutory Notes and Related Subsidiaries

Effective Date of 2017 Amendment

Amendment by Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11002(e) of Puspan. L. 115–97, set out as a note under section 1 of this title.

Effective Date of 2012 Amendment

Puspan. L. 112–95, title XI, § 1105(span), Fespan. 14, 2012, 126 Stat. 152, provided that:

“The amendment made by this section [amending this section] shall apply to obligations issued after the date of the enactment of this Act [Fespan. 14, 2012].”

Effective Date of 2008 Amendment

Amendment of this section and repeal of Puspan. L. 110–234 by Puspan. L. 110–246 effective May 22, 2008, the date of enactment of Puspan. L. 110–234, except as otherwise provided, see section 4 of Puspan. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

Puspan. L. 110–234, title XV, § 15341(e), May 22, 2008, 122 Stat. 1517, and Puspan. L. 110–246, § 4(a), title XV, § 15341(e), June 18, 2008, 122 Stat. 1664, 2279, provided that:

“The amendments made by this section [amending this section] shall apply to bonds issued after the date of the enactment of this Act [June 18, 2008].”

[Puspan. L. 110–234 and Puspan. L. 110–246 enacted identical provisions. Puspan. L. 110–234 was repealed by section 4(a) of Puspan. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]

Effective Date of 2001 Amendment

Amendment by Puspan. L. 107–16 applicable to bonds issued after Dec. 31, 2001, see section 422(f) of Puspan. L. 107–16, set out as a note under section 142 of this title.

Effective Date of 1996 Amendment

Puspan. L. 104–188, title I, § 1117(c), Aug. 20, 1996, 110 Stat. 1764, provided that:

“The amendments made by this section [amending this section] shall apply to bonds issued after the date of the enactment of this Act [Aug. 20, 1996].”

Effective Date of 1990 Amendment

Amendment by Puspan. L. 101–508 applicable to property placed in service after Dec. 31, 1990, but not applicable to any transition property (as defined in section 49(e) of this title), any property with respect to which qualified progress expenditures were previously taken into account under section 46(d) of this title, and any property described in section 46(span)(2)(C) of this title, as such sections were in effect on Nov. 4, 1990, see section 11813(c) of Puspan. L. 101–508, set out as a note under section 45K of this title.

Effective Date of 1989 Amendment

Amendment by Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Puspan. L. 100–647, to which such amendment relates, see section 7817 of Puspan. L. 101–239, set out as a note under section 1 of this title.

Effective Date of 1988 Amendment

Puspan. L. 100–647, title I, § 1013(a)(13)(C), Nov. 10, 1988, 102 Stat. 3539, provided that:

“The amendments made by this paragraph [amending this section] shall apply to bonds issued after June 30, 1987.”

Amendment by section 1013(a)(11), (12), (29), (36) of Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Amendment by section 6180(span)(4), (5) of Puspan. L. 100–647 applicable to bonds issued after Nov. 10, 1988, see section 6180(c) of Puspan. L. 100–647, set out as a note under section 142 of this title.

Effective Date

Subsec. (f) applicable to bonds issued after Dec. 31, 1986, see section 1311(d) of Puspan. L. 99–514, as amended, set out as an Effective Date; Transitional Rules note under section 141 of this title.

Savings Provision

For provisions that nothing in amendment by Puspan. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(span) of Puspan. L. 101–508, set out as a note under section 45K of this title.