48 USC 1670 - Industrial development bonds

1 See References in Text note below.

of title 26).

Editorial Notes

References in Text

Section 103, referred to in subsec. (a), which related to interest on certain governmental obligations was amended generally by Puspan. L. 99–514, title XIII, § 1301(a), Oct. 22, 1986, 100 Stat. 2602, and as so amended relates to interest on State and local bonds. Section 103(span)(2), which prior to the general amendment defined industrial development bond, relates to the applicability of the interest exclusion to arbitrage bonds.

Amendments

2004—Subsec. (span). Puspan. L. 108–326 amended heading and text generally, substituting provisions relating to exemption of all bonds from income taxation by State and local governments for provisions relating to exemption from taxation and definition of State.

1986—Subsecs. (a), (c). Puspan. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

Statutory Notes and Related Subsidiaries

Effective Date of 2004 Amendment

Puspan. L. 108–326, § 2, Oct. 16, 2004, 118 Stat. 1270, provided that:

“This Act [amending this section] shall apply to obligations issued after the date of the enactment of this Act [Oct. 16, 2004].”