US Codex
U.S.C.
Notes

§141. Private activity bond; qualified bond — Inbound Citations

26 U.S.C. § 141

Cited by 32 provisions in release 119-102.

Citations to 26 U.S.C. § 141 as a whole

Citations to §141(a)

  • 26 U.S.C. § 144(a)(10)(B)(ii)(II)
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    (II) industrial development bonds (as defined in section 103(b)(2), as in effect on the day before the date of the enactment of the Tax Reform Act of 1986) to which section 141(a) does not apply.
  • 26 U.S.C. § 145(b)(2)(B)(ii)
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    (ii) any bond to which section 141(a) does not apply if—
    (I) such bond would have been an industrial development bond (as defined in section 103(b)(2), as in effect on the day before the date of the enactment of the Tax Reform Act of 1986) if 501(c)(3) organizations were not exempt persons, and
    (II) such bond was not described in paragraph (4), (5), or (6) of such section 103(b) (as in effect on the date such bond was issued).
  • 26 U.S.C. § 148(f)(4)(D)
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    (i) An issue shall, for purposes of this subsection, be treated as meeting the requirements of paragraphs (2) and (3) if—
    (I) the issue is issued by a governmental unit with general taxing powers,
    (II) no bond which is part of such issue is a private activity bond,
    (III) 95 percent or more of the net proceeds of such issue are to be used for local governmental activities of the issuer (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the issuer), and
    (IV) the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by such unit during the calendar year in which such issue is issued is not reasonably expected to exceed $5,000,000.
    (ii) For purposes of subclause (IV) of clause (i)—
    (I) an issuer and all entities which issue bonds on behalf of such issuer shall be treated as 1 issuer,
    (II) all bonds issued by a subordinate entity shall, for purposes of applying such subclause to each other entity to which such entity is subordinate, be treated as issued by such other entity, and
    (III) an entity formed (or, to the extent provided by the Secretary, availed of) to avoid the purposes of such subclause (IV) and all other entities benefiting thereby shall be treated as 1 issuer.
    (iii) There shall not be taken into account under subclause (IV) of clause (i) any bond issued to refund (other than to advance refund) any bond to the extent the amount of the refunding bond does not exceed the outstanding amount of the refunded bond.
    (iv) An issue issued by a subordinate entity of a governmental unit with general taxing powers shall be treated as described in clause (i)(I) if the aggregate face amount of such issue does not exceed the lesser of—
    (I) $5,000,000, or
    (II) the amount which, when added to the aggregate face amount of other issues issued by such entity, does not exceed the portion of the $5,000,000 limitation under clause (i)(IV) which such governmental unit allocates to such entity.
    For purposes of the preceding sentence, an entity which issues bonds on behalf of a governmental unit with general taxing powers shall be treated as a subordinate entity of such unit. An allocation shall be taken into account under subclause (II) only if it is irrevocable and made before the issuance date of such issue and only to the extent that the limitation so allocated bears a reasonable relationship to the benefits received by such governmental unit from issues issued by such entity.
    (v) If any portion of an issue is issued to refund other bonds, such portion shall be treated as a separate issue which does not meet the requirements of paragraphs (2) and (3) by reason of this subparagraph unless—
    (I) the aggregate face amount of such issue does not exceed $5,000,000,
    (II) each refunded bond was issued as part of an issue which was treated as meeting the requirements of paragraphs (2) and (3) by reason of this subparagraph,
    (III) the average maturity date of the refunding bonds issued as part of such issue is not later than the average maturity date of the bonds to be refunded by such issue, and
    (IV) no refunding bond has a maturity date which is later than the date which is 30 years after the date the original bond was issued.
    Subclause (III) shall not apply if the average maturity of the issue of which the original bond was a part (and of the issue of which the bonds to be refunded are a part) is 3 years or less. For purposes of this clause, average maturity shall be determined in accordance with section 147(b)(2)(A).
    (vi) If section 141(a) did not apply to any refunded bond, the issue of which such refunded bond was a part shall be treated as meeting the requirements of subclause (II) of clause (v) if—
    (I) such issue was issued by a governmental unit with general taxing powers,
    (II) no bond issued as part of such issue was an industrial development bond (as defined in section 103(b)(2), but without regard to subparagraph (B) of section 103(b)(3)) or a private loan bond (as defined in section 103(o)(2)(A), but without regard to any exception from such definition other than section 103(o)(2)(C)), and
    (III) the aggregate face amount of all tax-exempt bonds (other than bonds described in subclause (II)) issued by such unit during the calendar year in which such issue was issued did not exceed $5,000,000.
    References in subclause (II) to section 103 shall be to such section as in effect on the day before the date of the enactment of the Tax Reform Act of 1986. Rules similar to the rules of clauses (ii) and (iii) shall apply for purposes of subclause (III). For purposes of subclause (II) of clause (i), bonds described in subclause (II) of this clause to which section 141(a) does not apply shall not be treated as private activity bonds.
    (vii) Each of the $5,000,000 amounts in the preceding provisions of this subparagraph shall be increased by the lesser of $10,000,000 or so much of the aggregate face amount of the bonds as are attributable to financing the construction (within the meaning of subparagraph (C)(iv)) of public school facilities.
  • 26 U.S.C. § 148(f)(4)(D)(vi)
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    (vi) If section 141(a) did not apply to any refunded bond, the issue of which such refunded bond was a part shall be treated as meeting the requirements of subclause (II) of clause (v) if—
    (I) such issue was issued by a governmental unit with general taxing powers,
    (II) no bond issued as part of such issue was an industrial development bond (as defined in section 103(b)(2), but without regard to subparagraph (B) of section 103(b)(3)) or a private loan bond (as defined in section 103(o)(2)(A), but without regard to any exception from such definition other than section 103(o)(2)(C)), and
    (III) the aggregate face amount of all tax-exempt bonds (other than bonds described in subclause (II)) issued by such unit during the calendar year in which such issue was issued did not exceed $5,000,000.
  • 26 U.S.C. § 265(b)(3)(C)(ii)(II)
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    (II) an obligation to which section 141(a) does not apply by reason of section 1312, 1313, 1316(g), or 1317 of the Tax Reform Act of 1986 and which would (if issued on August 15, 1986) have been an industrial development bond (as defined in section 103(b)(2) as in effect on the day before the date of the enactment of such Act) or a private loan bond (as defined in section 103(o)(2)(A), as so in effect, but without regard to any exception from such definition other than section 103(o)(2)(A)), or
  • 26 U.S.C. § 7871(c)(2)
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    (2) Except as provided in paragraph (3), subsection (a) of section 103 shall not apply to any private activity bond (as defined in section 141(a)) issued by an Indian tribal government (or subdivision thereof).

Citations to §141(b)(1)

  • 26 U.S.C. § 45J(e)(3)(C)
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    (C) For purposes of section 141(b)(1), any benefit derived by an eligible project partner in connection with an election under this subsection shall not be taken into account as a private business use.
  • 26 U.S.C. § 57(a)(5)(C)(v)(I)
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    (I) paragraphs (1) and (2) of section 141(b) were applied by substituting “25 percent” for “10 percent” each place it appears,
  • 26 U.S.C. § 143(a)(2)(A)(iii)
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    (iii) such issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b), and
  • 26 U.S.C. § 143(b)(4)
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    (4) which is part of an issue which does not meet the private business tests of paragraphs (1) and (2) of section 141(b).
  • 26 U.S.C. § 144(b)(1)
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    (1) The term “qualified student loan bond” means any bond issued as part of an issue the applicable percentage or more of the net proceeds of which are to be used directly or indirectly to make or finance student loans under—
    (A) a program of general application to which the Higher Education Act of 1965 applies if—
    (i) limitations are imposed under the program on—
    (I) the maximum amount of loans outstanding to any student, and
    (II) the maximum rate of interest payable on any loan,
    (ii) the loans are directly or indirectly guaranteed by the Federal Government,
    (iii) the financing of loans under the program is not limited by Federal law to the proceeds of tax-exempt bonds, and
    (iv) special allowance payments under section 438 of the Higher Education Act of 1965—
    (I) are authorized to be paid with respect to loans made under the program, or
    (II) would be authorized to be made with respect to loans under the program if such loans were not financed with the proceeds of tax-exempt bonds, or
    (B) a program of general application approved by the State if no loan under such program exceeds the difference between the total cost of attendance and other forms of student assistance (not including loans pursuant to section 428B(a)(1) of the Higher Education Act of 1965 (relating to parent loans) or subpart I1 of part C of title VII of the Public Health Service Act (relating to student assistance)) for which the student borrower may be eligible. A program shall not be treated as described in this subparagraph if such program is described in subparagraph (A).
    A bond shall not be treated as a qualified student loan bond if the issue of which such bond is a part meets the private business tests of paragraphs (1) and (2) of section 141(b) (determined by treating 501(c)(3) organizations as governmental units with respect to their activities which do not constitute unrelated trades or businesses, determined by applying section 513(a)).
  • 26 U.S.C. § 145(a)(2)(B)
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    (B) paragraphs (1) and (2) of section 141(b) were applied by substituting “5 percent” for “10 percent” each place it appears and by substituting “net proceeds” for “proceeds” each place it appears.

Citations to §141(b)(2)

  • 26 U.S.C. § 57(a)(5)(C)(v)(I)
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    (I) paragraphs (1) and (2) of section 141(b) were applied by substituting “25 percent” for “10 percent” each place it appears,
  • 26 U.S.C. § 143(a)(2)(A)(iii)
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    (iii) such issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b), and
  • 26 U.S.C. § 143(b)(4)
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    (4) which is part of an issue which does not meet the private business tests of paragraphs (1) and (2) of section 141(b).
  • 26 U.S.C. § 144(b)(1)
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    (1) The term “qualified student loan bond” means any bond issued as part of an issue the applicable percentage or more of the net proceeds of which are to be used directly or indirectly to make or finance student loans under—
    (A) a program of general application to which the Higher Education Act of 1965 applies if—
    (i) limitations are imposed under the program on—
    (I) the maximum amount of loans outstanding to any student, and
    (II) the maximum rate of interest payable on any loan,
    (ii) the loans are directly or indirectly guaranteed by the Federal Government,
    (iii) the financing of loans under the program is not limited by Federal law to the proceeds of tax-exempt bonds, and
    (iv) special allowance payments under section 438 of the Higher Education Act of 1965—
    (I) are authorized to be paid with respect to loans made under the program, or
    (II) would be authorized to be made with respect to loans under the program if such loans were not financed with the proceeds of tax-exempt bonds, or
    (B) a program of general application approved by the State if no loan under such program exceeds the difference between the total cost of attendance and other forms of student assistance (not including loans pursuant to section 428B(a)(1) of the Higher Education Act of 1965 (relating to parent loans) or subpart I1 of part C of title VII of the Public Health Service Act (relating to student assistance)) for which the student borrower may be eligible. A program shall not be treated as described in this subparagraph if such program is described in subparagraph (A).
    A bond shall not be treated as a qualified student loan bond if the issue of which such bond is a part meets the private business tests of paragraphs (1) and (2) of section 141(b) (determined by treating 501(c)(3) organizations as governmental units with respect to their activities which do not constitute unrelated trades or businesses, determined by applying section 513(a)).
  • 26 U.S.C. § 145(a)(2)(B)
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    (B) paragraphs (1) and (2) of section 141(b) were applied by substituting “5 percent” for “10 percent” each place it appears and by substituting “net proceeds” for “proceeds” each place it appears.

Citations to §141(b)(3)

Citations to §141(b)(4)

Citations to §141(b)(5)

Citations to §141(b)(6)

  • 26 U.S.C. § 142(c)(2)
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    (2) Property shall not be treated as described in paragraph (1), (2), (3) or (11) of subsection (a) if such property is described in any of the following subparagraphs and is to be used for any private business use (as defined in section 141(b)(6)).
    (A) Any lodging facility.
    (B) Any retail facility (including food and beverage facilities) in excess of a size necessary to serve passengers and employees at the exempt facility.
    (C) Any retail facility (other than parking) for passengers or the general public located outside the exempt facility terminal.
    (D) Any office building for individuals who are not employees of a governmental unit or of the operating authority for the exempt facility.
    (E) Any industrial park or manufacturing facility.
  • 26 U.S.C. § 146(k)(3)
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    (3) Paragraph (1) shall not apply to any bond to which volume cap is allocated under section 141(b)(5)—
    (A) for an output facility, or
    (B) for a facility of a type described in paragraph (4), (5), (6), or (10) of section 142(a),
    if the issuer establishes that the State’s share of the private business use (as defined by section 141(b)(6)) of the facility will equal or exceed the State’s share of the volume cap allocated with respect to bonds issued to finance the facility.

Citations to §141(c)(1)(B)