Sec. 3601. Termination of private activity bonds
575 words·~3 min read·
/bill/115/hr/1/ih/section-3601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(1)of section 103(b) is amended— by striking which is not a qualified bond (within the meaning of section 141) , and by striking in the heading thereof. which is not a qualified bond Subpart A of part IV of subchapter B of chapter 1 is amended by striking sections 142, 143, 144, 145, 146, and 147 (and by striking each of the items relating to such sections in the table of sections for such subpart). Section 25 is amended by adding at the end the following new subsection: Any reference to section 143, 144, or 146 shall be treated as a reference to such section as in effect before its repeal by the Tax Cuts and Jobs Act . . Section 26(b)(2) is amended by striking subparagraph (D). Section 141(b) is amended by striking paragraphs
(5)and (9). Section 141(d) is amended by striking paragraph (5). Section 141 is amended by striking subsection (e). Section 148(f)(4) is amended— by striking (determined in accordance with section 147(b)(2)(A)) in the flush matter following subparagraph (A)(ii) and inserting (determined by taking into account the respective issue prices of the bonds issued as part of the issue) , and by striking the last sentence of subparagraph (D)(v). Clause
(iv)of section 148(f)(4)(C) is amended to read as follows: For purposes of this subparagraph— The term construction issue means any issue if at least 75 percent of the available construction proceeds of such issue are to be used for construction expenditures. The term construction includes reconstruction and rehabilitation . Section 149(b)(3) is amended by striking subparagraph (C). Section 149(e)(2) is amended— by striking subparagraphs (C), (D), and
(F)and by redesignating subparagraphs
(E)and
(G)as subparagraphs
(C)and (D), respectively, and by striking the second sentence. Section 149(f)(6) is amended— by striking subparagraph (B), and by striking For purposes of this subsection and all that follows through The term and inserting the following: For purposes of this subsection, the term . Section 150(e)(3) is amended to read as follows: A bond shall not be treated as part of an issue which meets the requirements of paragraph
(1)unless such bond satisfies the requirements of section 147(f)(2) (as in effect before its repeal by the Tax Cuts and Jobs Act ). . Section 269A(b)(3) is amended by striking 144(a)(3) and inserting 414(n)(6)(A) . Section 414(m)(5) is amended by striking section 144(a)(3) and inserting subsection (n)(6)(A) . Section 414(n)(6)(A) is amended to read as follows: A person is a related person to another person if— the relationship between such persons would result in a disallowance of losses under section 267 or 707(b), or such persons are members of the same controlled group of corporations (as defined in section 1563(a), except that more than 50 percent shall be substituted for at least 80 percent each place it appears therein). . Section 6045(e)(4)(B) is amended by inserting (as in effect before its repeal by the after Tax Cuts and Jobs Act ) section 143(m)(3) . Section 6654(f)(1) is amended by inserting (as in effect before its repeal by the after Tax Cuts and Jobs Act ) section 143(m) . Section 7871(c) is amended— by striking paragraphs
(2)and (3), and by striking and all that follows through tax-exempt bonds.— Subsection
(a)of section 103 and inserting the following: . tax-exempt bonds.— Subsection
(a)of section 103 The amendments made by this section shall apply to bonds issued after December 31, 2017.