Sec. 205. Repeal of alternative minimum tax on private activity bonds
224 words·~1 min read·
/bill/113/hr/3939/ih/section-205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 57 of the Internal Revenue Code of 1986 is amended by striking paragraph (5). Subparagraph
(B)of section 1(g)(7) of such Code is amended by adding and at the end of clause (i), by striking , and at the end of clause
(ii)and inserting a period, and by striking clause (iii). Subclause
(II)of section 53(d)(1)(B)(ii) of such Code is amended by striking ,
(5). Subparagraph
(C)of section 56(b)(1) of such Code is amended by striking clause
(iii)and redesignating clauses
(iv)and
(v)as clauses
(iii)and (iv), respectively. Paragraph
(3)of section 148(b) of such Code is amended to read as follows: The term investment property does not include any tax-exempt bond. . Subparagraph (B)(i) of section 149(g)(3) of such Code is amended to read as follows: Such term shall not include any bond issued as part of an issue 95 percent of the net proceeds of which are invested in bonds the interest on which is not includible in gross income under section 103. . Paragraph
(5)of section 1400L(d) of such Code is amended by striking subparagraph (E). Paragraph
(5)of section 1400N(a) of such Code is amended by striking subparagraph (G). The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.