Source: https://www.law.cornell.edu/uscode/text/26/6431?quicktabs_8=4&qt-us_code_tabs=0
Timestamp: 2015-05-06 23:36:40
Document Index: 388462583

Matched Legal Cases: ['§ 6431', '§ 6431', '§ 6431', '§ 1531', '§ 301', '§ 758', '§ 301']

26 U.S. Code § 6431 - Credit for qualified bonds allowed to issuer | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle F › Chapter 65 › Subchapter B › § 6431 26 U.S. Code § 6431 - Credit for qualified bonds allowed to issuer
In general In the case of a qualified bond issued before January 1, 2011, the issuer of such bond shall be allowed a credit with respect to each interest payment under such bond which shall be payable by the Secretary as provided in subsection (b).
Payment of credit The Secretary shall pay (contemporaneously with each interest payment date under such bond) to the issuer of such bond (or to any person who makes such interest payments on behalf of the issuer) 35 percent of the interest payable under such bond on such date.
Application of arbitrage rules For purposes of section 148, the yield on a qualified bond shall be reduced by the credit allowed under this section.
Interest payment date For purposes of this subsection, the term “interest payment date” means each date on which interest is payable by the issuer under the terms of the bond.
Qualified bond For purposes of this subsection, the term “qualified bond” has the meaning given such term in section 54AA
Application of section to certain qualified tax credit bonds (1)
In general In the case of any specified tax credit bond—
the amount of interest which would have been payable under such bond on such date if such interest were determined at the applicable credit rate determined under section 54A
Special rule for new clean renewable energy bonds and qualified energy conservation bonds In the case of any specified tax credit bond described in clause (i) or (ii) of paragraph (3)(A), the amount determined under paragraph (1)(C)(ii) shall be 70 percent of the amount so determined without regard to this paragraph and sections 54C
(b) and 54D
Specified tax credit bond For purposes of this subsection, the term “specified tax credit bond” means any qualified tax credit bond (as defined in section 54A
(d)) if—
a qualified zone academy bond (as defined in section 54E) determined without regard to any allocation relating to the national zone academy bond limitation for 2011 or any carryforward of such allocation, or
(Added Pub. L. 111–5, div. B, title I, § 1531(b),Feb. 17, 2009, 123 Stat. 359; amended Pub. L. 111–147, title III, § 301(a),Mar. 18, 2010, 124 Stat. 77; Pub. L. 111–312, title VII, § 758(b),Dec. 17, 2010, 124 Stat. 3323.)
2010—Subsec. (f). Pub. L. 111–147added subsec. (f).
Subsec. (f)(3)(A)(iii). Pub. L. 111–312inserted “determined without regard to any allocation relating to the national zone academy bond limitation for 2011 or any carryforward of such allocation” after “54E)”.
Amendment by Pub. L. 111–312applicable to obligations issued after Dec. 31, 2010, see section 758(c) ofPub. L. 111–312, set out as a note under section 54E of this title.
Pub. L. 111–147, title III, § 301(c)(1),Mar. 18, 2010, 124 Stat. 78, provided that: “The amendment made by subsection (a) [amending this section] shall apply to bonds issued after the date of the enactment of this Act [Mar. 18, 2010].”