US Codex
U.S.C.
Notes

§147. Other requirements applicable to certain private activity bonds — Inbound Citations

26 U.S.C. § 147

Cited by 18 provisions in release 119-102.

Citations to §147(b)

Citations to §147(b)(2)(A)

  • 26 U.S.C. § 142(l)(9)
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    (9) Paragraphs (7)(B) and (8) shall not apply to any bond (or series of bonds) issued to refund a bond issued under subsection (a)(14) before October 1, 2012, if—
    (A) the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue,
    (B) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and
    (C) the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond.
    For purposes of subparagraph (A), average maturity shall be determined in accordance with section 147(b)(2)(A).
  • 26 U.S.C. § 142(m)(4)
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    (4) Paragraph (2) shall not apply to any bond (or series of bonds) issued to refund a bond issued under subsection (a)(15) if—
    (A) the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue,
    (B) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and
    (C) the refunded bond is redeemed not later than 90 days after the date of the issuance of the refunding bond.
    For purposes of subparagraph (A), average maturity shall be determined in accordance with section 147(b)(2)(A).
  • 26 U.S.C. § 144(a)(12)(A)
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    (A) This subsection shall not apply to—
    (i) any bond (other than a bond described in clause (ii)) issued after December 31, 1986, or
    (ii) any bond (or series of bonds) issued to refund a bond issued on or before such date unless—
    (I) the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue,
    (II) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and
    (III) the net proceeds of the refunding bond are used to redeem the refunded bond not later than 90 days after the date of the issuance of the refunding bond.
    For purposes of clause (ii)(I), average maturity shall be determined in accordance with section 147(b)(2)(A).
  • 26 U.S.C. § 146(i)(4)
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    (4) For purposes of paragraphs (2) and (3), average maturity shall be determined in accordance with section 147(b)(2)(A).
  • 26 U.S.C. § 148(f)(4)(A)
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    (A) In determining the aggregate amount earned on nonpurpose investments for purposes of paragraph (2)—
    (i) any gain or loss on the disposition of a nonpurpose investment shall be taken into account, and
    (ii) any amount earned on a bona fide debt service fund shall not be taken into account if the gross earnings on such fund for the bond year is less than $100,000.
    In the case of an issue no bond of which is a private activity bond, clause (ii) shall be applied without regard to the dollar limitation therein if the average maturity of the issue (determined in accordance with section 147(b)(2)(A)) is at least 5 years and the rates of interest on bonds which are part of the issue do not vary during the term of the issue.
  • 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. § 265(b)(3)(D)
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    (i) Not more than $10,000,000 of obligations issued by an issuer during any calendar year may be designated by such issuer for purposes of this paragraph.
    (ii) Except as provided in clause (iii), in the case of a refunding (or series of refundings) of a qualified tax-exempt obligation, the refunding obligation shall be treated as a qualified tax-exempt obligation (and shall not be taken into account under clause (i)) if—
    (I) the refunding obligation was not taken into account under subparagraph (C) by reason of clause (ii)(III) thereof,
    (II) the average maturity date of the refunding obligations issued as part of the issue of which such refunding obligation is a part is not later than the average maturity date of the obligations to be refunded by such issue, and
    (III) the refunding obligation has a maturity date which is not later than the date which is 30 years after the date the original qualified tax-exempt obligation was issued.
    Subclause (II) shall not apply if the average maturity of the issue of which the original qualified tax-exempt obligation was a part (and of the issue of which the obligations 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).
    (iii) No obligation issued as part of an issue may be designated under this paragraph (or may be treated as designated under clause (ii)) if—
    (I) any obligation issued as part of such issue is issued to refund another obligation, and
    (II) the aggregate face amount of such issue exceeds $10,000,000.

Citations to §147(c)

Citations to §147(c)(1)(A)

Citations to §147(c)(2)

Citations to §147(d)

Citations to §147(e)

Citations to §147(f)

Citations to §147(f)(2)