26-U.S.C.-1400U-2
§1400U-2 – §1400U-2. Recovery Zone Economic Development Bonds
Pathway
Title 26 > Subtitle A > Chapter 1 > Subchapter Y > Part III > Section 1400U-2
Details
- Reference: Section 1400U-2
- Legend: §1400U-2 – §1400U-2. Recovery Zone Economic Development Bonds
- USCode Year: 2013
Provision Content
(a) In general
In the case of a recovery zone economic development bond—
(1) such bond shall be treated as a qualified bond for purposes of section 6431, and
(2) subsection (b) of such section shall be applied by substituting 45 percent for 35 percent.
(b) Recovery zone economic development bond
(1) In general
For purposes of this section, the term recovery zone economic development bond means any build America bond (as defined in section 54AA(d)) issued before January 1, 2011, as part of issue if—
(A) 100 percent of the excess of—
(i) the available project proceeds (as defined in section 54A) of such issue, over
(ii) the amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue,
are to be used for one or more qualified economic development purposes, and
(B) the issuer designates such bond for purposes of this section.
(2) Limitation on amount of bonds designated
The maximum aggregate face amount of bonds which may be designated by any issuer under paragraph (1) shall not exceed the amount of the recovery zone economic development bond limitation allocated to such issuer under section 1400U–1.
(c) Qualified economic development purpose
For purposes of this section, the term qualified economic development purpose means expenditures for purposes of promoting development or other economic activity in a recovery zone, including—
(1) capital expenditures paid or incurred with respect to property located in such zone,
(2) expenditures for public infrastructure and construction of public facilities, and
(3) expenditures for job training and educational programs.
(Added Pub. L. 111–5, div. B, title I, §1401(a), Feb. 17, 2009, 123 Stat. 349.)
U.S. Encyclopedia of Law Coverage
Part III – Recovery Zone Bonds in the Legal Encyclopedia: Income Taxes
In this entry about Part III – Recovery Zone Bonds, find legal reference material, bibliographies and premiere content related to income taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States income taxes-specific issues, written by authorities in the field.
26-U.S.C.-1400R in the Legal Encyclopedia: Tax Liability
In this entry about 26-U.S.C.-1400R, find legal reference material, bibliographies and premiere content related to tax liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax liability-specific issues, written by authorities in the field.
26-U.S.C.-1400Q in the Legal Encyclopedia: Taxation
In this entry about 26-U.S.C.-1400Q, find legal reference material, bibliographies and premiere content related to taxation in the American Encyclopedia of Law, presenting a comprehensive view of the United States taxation-specific issues, written by authorities in the field.
26-U.S.C.-1400U-1 in the Legal Encyclopedia: Liability
In this entry about 26-U.S.C.-1400U-1, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.
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