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26 U.S.C. § 145 — Qualified 501(c)(3) bond

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 145 — Qualified 501(c)(3) bond

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Source location: Title 26, Chapter 1, § 145; chapter-001-normal-taxes-and-surtaxes.md

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**(a) In general** For purposes of this part, except as otherwise provided in this section, the term “qualified 501(c)(3) bond” means any private activity bond issued as part of an issue if— (1) all property which is to be provided by the net proceeds of the issue is to be owned by a 501(c)(3) organization or a governmental unit, and (2) such bond would not be a private activity bond if— (A) 501(c)(3) organizations were treated as governmental units with respect to their activities which do not constitute unrelated trades or businesses, determined by applying section 513(a), and (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. **(b) $150,000,000 limitation on bonds other than hospital bonds** (1) **In general** — A bond (other than a qualified hospital bond) shall not be treated as a qualified 501(c)(3) bond if the aggregate authorized face amount of the issue (of which such bond is a part) allocated to any 501(c)(3) organization which is a test-period beneficiary (when increased by the outstanding tax-exempt nonhospital bonds of such organization) exceeds $150,000,000. (2) **Outstanding tax-exempt nonhospital bonds** (A) *In general* — For purposes of applying paragraph (1) with respect to any issue, the outstanding tax-exempt nonhospital bonds of any organization which is a test-period beneficiary with respect to such issue is the aggregate amount of tax-exempt bonds referred to in subparagraph (B)— (i) which are allocated to such organization, and (ii) which are outstanding at the time of such later issue (not including as outstanding any bond which is to be redeemed (other than in an advance refunding) from the net proceeds of the later issue). (B) *Bonds taken into account* — For purposes of subparagraph (A), the bonds referred to in this subparagraph are— (i) any qualified 501(c)(3) bond other than a qualified hospital bond, and (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). (C) *Only nonhospital portion of bonds taken into account* (i) *In general* — A bond shall be taken into account under subparagraph (B) only to the extent that the proceeds of the issue of which such bond is a part are not used with respect to a hospital. (ii) *Special rule* — If 90 percent or more of the net proceeds of an issue are used with respect to a hospital, no bond which is part of such issue shall be taken into account under subparagraph (B)(ii). (3) **Aggregation rule** — For purposes of this subsection, 2 or more organizations under common management or control shall be treated as 1 organization. (4) **Allocation of face amount of issue; test-period beneficiary** — Rules similar to the rules of subparagraphs (C), (D), and (E) of section 144(a)(10) shall apply for purposes of this subsection. (5) **Termination of limitation** — This subsection shall not apply with respect to bonds issued after the date of the enactment of this paragraph as part of an issue 95 percent or more of the net proceeds of which are to be used to finance capital expenditures incurred after such date. **(c) Qualified hospital bond** For purposes of this section, the term “qualified hospital bond” means any bond issued as part of an issue 95 percent or more of the net proceeds of which are to be used with respect to a hospital. **(d) Restrictions on bonds used to provide residential rental housing for family units** (1) **In general** — Except as otherwise provided in this subsection, a bond which is part of an issue shall not be a qualified 501(c)(3) bond if any portion of the net proceeds of the issue are to be used directly or indirectly to provide residential rental property for family units. (2) **Exception for bonds used to provide qualified residential rental projects** — Paragraph (1) shall not apply to any bond issued as part of an issue if the portion of such issue which is to be used as described in paragraph (1) is to be used to provide— (A) a residential rental property for family units if the first use of such property is pursuant to such issue, (B) qualified residential rental projects (as defined in section 142(d)), or (C) property which is to be substantially rehabilitated in a rehabilitation beginning within the 2-year period ending 1 year after the date of the acquisition of such property. (3) **Certain property treated as new property** — Solely for purposes of determining under paragraph (2)(A) whether the 1st use of property is pursuant to tax-exempt financing— (A) *In general* — If— (i) the 1st use of property is pursuant to taxable financing, (ii) there was a reasonable expectation (at the time such taxable financing was provided) that such financing would be replaced by tax-exempt financing, and (iii) the taxable financing is in fact so replaced within a reasonable period after the taxable financing was provided, then the 1st use of such property shall be treated as being pursuant to the tax-exempt financing. (B) *Special rule where no operating State or local program for tax-exempt financing* — If, at the time of the 1st use of property, there was no operating State or local program for tax-exempt financing of the property, the 1st use of the property shall be treated as pursuant to the 1st tax-exempt financing of the property. (C) *Definitions* — For purposes of this paragraph— (i) *Tax-exempt financing* — The term “tax-exempt financing” means financing provided by tax-exempt bonds. (ii) *Taxable financing* — The term “taxable financing” means financing which is not tax-exempt financing. (4) **Substantial rehabilitation** (A) *In general* — Except as provided in subparagraph (B), rules similar to the rules of section 47(c)(1)(B) shall apply in determining for purposes of paragraph (2)(C) whether property is substantially rehabilitated. (B) *Exception* — For purposes of subparagraph (A), clause (ii) of section 47(c)(1)(B) shall not apply, but the Secretary may extend the 24-month period in section 47(c)(1)(B)(i) where appropriate due to circumstances not within the control of the owner. **(e) Election out** This section shall not apply to an issue if— (1) the issuer elects not to have this section apply to such issue, and (2) such issue is an issue of exempt facility bonds, or qualified redevelopment bonds, to which section 146 applies.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 148 — Arbitrage

**(a) Arbitrage bond defined** For purposes of section 103, the term “arbitrage bond” means any bond issued as part of an issue any portion of the proceeds of which are reasonably expected (at the time of issuance of the bond) to be used directly or indirectly— (1) to acquire higher yielding investments, or (2) to replace funds which were used directly or indirectly to acquire higher yielding investments. For purposes of this subsection, a bond shall be treated as an arbitrage bond if the issuer intentionally uses any portion of the proceeds of the issue of which such bond is a part in a manner described in paragraph (1) or (2). **(b) Higher yielding investments** For purposes of this section— (1) **In general** — The term “higher yielding investments” means any investment property which produces a yield over the term of the issue which is materially higher than the yield on the issue. (2) **Investment property** — The term “investment property” means— (A) any security (within the meaning of section 165(g)(2)(A) or (B)), (B) any obligation, (C) any annuity contract, (D) any investment-type property, or (E) in the case of a bond other than a private activity bond, any residential rental property for family units which is not located within the jurisdiction of the issuer and which is not acquired to implement a court ordered or approved housing desegregation plan. (3) **Alternative minimum tax bonds treated as investment property in certain cases** (A) *In general* — Except as provided in subparagraph (B), the term “investment property” does not include any tax-exempt bond. (B) *Exception* — With respect to an issue other than an issue a part of which is a specified private activity bond (as defined in section 57(a)(5)(C)), the term “investment

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 36 — First-time homebuyer credit

**(a) Allowance of credit** In the case of an individual who is a first-time homebuyer of a principal residence in the United States during a taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to 10 percent of the purchase price of the residence. **(b) Limitations** (1) **Dollar limitation** (A) *In general* — Except as otherwise provided in this paragraph, the credit allowed under subsection (a) shall not exceed $8,000. (B) *Married individuals filing separately* — In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting “$4,000” for “$8,000”. (C) *Other individuals* — If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $8,000. (D) *Special rule for long-time residents of same principal residence* — In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting “$6,500” for “$8,000” and “$3,250” for “$4,000”. (2) **Limitation based on modified adjusted gross income** (A) *In general* — The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as— (i) the excess (if any) of— (I) the taxpayer’s modified adjusted gross income for such taxable year, over (II) $125,000

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 47 — Rehabilitation credit

**(a) General rule** (1) **In general** — For purposes of section 46, for any taxable year during the 5-year period beginning in the taxable year in which a qualified rehabilitated building is placed in service, the rehabilitation credit for such year is an amount equal to the ratable share for such year. (2) **Ratable share** — For purposes of paragraph (1), the ratable share for any taxable year during the period described in such paragraph is the amount equal to 20 percent of the qualified rehabilitation expenditures with respect to the qualified rehabilitated building, as allocated ratably to each year during such period. **(b) When expenditures taken into account** (1) **In general** — Qualified rehabilitation expenditures with respect to any qualified rehabilitated building shall be taken into account for the taxable year in which such qualified rehabilitated building is placed in service. (2) **Coordination with subsection (d)** — The amount which would (but for this paragraph) be taken into account under paragraph (1) with respect to any qualified rehabilitated building shall be reduced (but not below zero) by any amount of qualified rehabilitation expenditures taken into account under subsection (d) by the taxpayer or a predecessor of the taxpayer (or, in the case of a sale and leaseback described in section 50(a)(2)(C), by the lessee), to the extent any amount so taken into account has not been required to be recaptured under section 50(a). **(c) Definitions** For purposes of this section— (1) **Qualified rehabilitated building** (A) *In general* — The term “qualified rehabilitated building” means any building (and its structural components) if— (i) such building has been substantially rehabilitated, (ii) such building was placed in service

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 145 — Qualified 501(c)(3) bond

Page 684 TITLE 26—INTERNAL REVENUE CODE § 145 Subsec. (a)(12)(A)(ii)(I). Pub. L. 100–647, § 1013(a)(4)(B)(i), amended subcl. (I) generally. Prior to amendment, subcl. (I) read as follows: ‘‘the refunding bond has a maturity date not later than the maturity date of the refunded bond,’’. Subsec. (a)(12)(A)(ii)(III), (IV). Pub. L. 100–647, § 1013(a)(4)(C), redesignated subcl. (IV) as (III) and struck out former subcl. (III) which provided that this subsection apply when the interest rate on the refund- ing bond is lower than the interest rate on the refunded bond. Subsec. (a)(12)(C). Pub. L. 100–647, § 6176(a), inserted sentence at end defining ‘‘manufacturing facility’’. Subsec. (b)(1). Pub. L. 100–647, § 1013(a)(5), in subpar. (B) struck out ‘‘to which part B of title IV of the High- er Education Act of 1965 (relating to guaranteed stu- dent loans) does not apply’’ after ‘‘by the State’’, sub- stituted ‘‘of the Higher Education Act of 1965’’ for ‘‘of such Act’’, amended last sentence generally, and in- serted a new flush sentence at end of par. (1). Prior to amendment, last sentence of subpar. (B) read as fol- lows: ‘‘A bond issued as part of an issue shall be treated as a qualified student loan bond only if no bond which is part of such issue meets the private business tests of paragraphs (1) and (2) of section 141(b).’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2009 AMENDMENT Pub. L. 111–5, div. B, title I, § 1301(b), Feb. 17, 2009, 123 Stat. 345, provided that: ‘‘The amendments made by this section [amending this section] shall apply to obli- gations issued after the date of the enactment of this Act [Feb. 17, 2009].’’ EFFECTIVE DATE OF 1993 AMENDMENT Pub. L. 103–66, title XIII, § 13122(b), Aug. 10, 1993, 107 Stat. 43

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