2017 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter Y - Short-Term Regional Benefits
Part III - Recovery Zone Bonds
Sec. 1400U-2 - Recovery zone economic development bonds
| 26 U.S.C. § 1400U-2 (2017) |
| §1400U–2. Recovery zone economic development bonds |
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(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 6431,1 and (2) subsection (b) of such section shall be applied by substituting "45 percent" for "35 percent". For purposes of this section, the term "recovery zone economic development bond" means any build America bond (as defined in section 54AA(d)) 1 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) 1 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. 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. 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. |
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(Added Pub. L. 111–5, div. B, title I, §1401(a), Feb. 17, 2009, 123 Stat. 349.) |
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REFERENCES IN TEXT
Section 6431, referred to in subsec. (a)(1), was repealed by Pub. L. 115–97, title I, §13404(b), Dec. 22, 2017, 131 Stat. 2138, applicable to bonds issued after Dec. 31, 2017. Sections 54AA(d) and 54A, referred to in subsec. (b)(1), were repealed by Pub. L. 115–97, title I, §13404(a), Dec. 22, 2017, 131 Stat. 2138. APPLICATION OF CERTAIN LABOR STANDARDS TO PROJECTS FINANCED WITH CERTAIN TAX-FAVORED BONDSPub. L. 111–5, div. B, title I, §1601, Feb. 17, 2009, 123 Stat. 362, provided that: "Subchapter IV of chapter 31 of the [sic] title 40, United States Code, shall apply to projects financed with the proceeds of— "(1) any new clean renewable energy bond (as defined in [former] section 54C of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act [Feb. 17, 2009], "(2) any qualified energy conservation bond (as defined in [former] section 54D of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act, "(3) any qualified zone academy bond (as defined in [former] section 54E of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act, "(4) any qualified school construction bond (as defined in [former] section 54F of the Internal Revenue Code of 1986), and "(5) any recovery zone economic development bond (as defined in section 1400U–2 of the Internal Revenue Code of 1986)." |
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1 See References in Text note below. |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter Y - Short-Term Regional Benefits PART III - RECOVERY ZONE BONDS Sec. 1400U-2 - Recovery zone economic development bonds |
| section 1400U-2 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 123 Stat. 349, 362 131 Stat. 2138 |
| Public Law 111-5, Public Law 115-97 |
