Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section146&num=0&edition=prelim
Timestamp: 2020-01-28 17:33:17
Document Index: 355683006

Matched Legal Cases: ['§ 146', '§146', '§1301', '§10631', '§1013', '§6180', '§7816', '§1921', '§13121', '§2021', '§1', '§161', '§422', '§701', '§11143', '§3007', '§11002', '§3021', '§1013', '§1013', '§1013', '§1013', '§1013', '§1013', '§1', '§161', '§2021', '§13121']

[USC02] 26 USC 146: Volume cap
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26 USC 146: Volume cap Text contains those laws in effect on January 27, 2020
§146. Volume cap
The volume cap for any issuing authority (other than a State agency) for any calendar year shall be an amount which bears the same ratio to 50 percent of the State ceiling for such calendar year as-
The State ceiling applicable to any State for any calendar year shall be the greater of-
In the case of a calendar year after 2002, each of the dollar amounts contained in paragraph (1) shall be increased by an amount equal to-
(B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting "calendar year 2001" for "calendar year 2016" in subparagraph (A)(ii) thereof.
The limitation determined under this subparagraph, with respect to a possession, for any calendar year is an amount equal to the product of-
(i) the fraction-
In the case of calendar year 2008, the State ceiling for each State shall be increased by an amount equal to $11,000,000,000 multiplied by a fraction-
For purposes of this paragraph, the term "qualified housing issue" means-
(II) a qualified mortgage issue (determined by substituting "12-month period" for "42-month period" each place it appears in section 143(a)(2)(D)(i)).
The authority provided in subparagraph (A) shall not apply to bonds issued after the earlier of-
(A) an issuing authority's volume cap for any calendar year after 1985, exceeds
In any election under paragraph (1), the issuing authority shall-
The term "carryforward purpose" means-
No amount which is attributable to the increase under subsection (d)(5) may be used-
Only for purposes of this section, the term "private activity bond" shall not include-
(1) any qualified veterans' mortgage bond,
For purposes of the volume cap imposed by this section-
In the case of any qualified student loan bond, paragraph (1) shall apply only if the maturity date of the refunding bond is not later than the later of-
In the case of any qualified mortgage bond, paragraph (1) shall apply only if the maturity date of the refunding bond is not later than the later of-
Subparagraph (A) shall apply to only one refunding of the original issue and only if-
Paragraph (1) shall not apply to any bond to which volume cap is allocated under section 141(b)(5)-
The volume cap of any issuing authority for any calendar year shall be reduced by the sum of-
(Added Pub. L. 99–514, title XIII, §1301(b), Oct. 22, 1986, 100 Stat. 2630 ; amended Pub. L. 100–203, title X, §10631(b), Dec. 22, 1987, 101 Stat. 1330–455 ; Pub. L. 100–647, title I, §1013(a)(9), (10), (28), (40), title VI, §6180(b)(3), Nov. 10, 1988, 102 Stat. 3538 , 3543, 3544, 3728; Pub. L. 101–239, title VII, §7816(s)(2), Dec. 19, 1989, 103 Stat. 2423 ; Pub. L. 102–486, title XIX, §1921(b)(3), Oct. 24, 1992, 106 Stat. 3028 ; Pub. L. 103–66, title XIII, §13121(a), Aug. 10, 1993, 107 Stat. 432 ; Pub. L. 105–277, div. J, title II, §2021(a), Oct. 21, 1998, 112 Stat. 2681–903 ; Pub. L. 106–554, §1(a)(7) [title I, §161(a)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-624; Pub. L. 107–16, title IV, §422(c), June 7, 2001, 115 Stat. 66 ; Pub. L. 108–357, title VII, §701(c), Oct. 22, 2004, 118 Stat. 1539 ; Pub. L. 109–59, title XI, §11143(c), Aug. 10, 2005, 119 Stat. 1965 ; Pub. L. 110–289, div. C, title I, §§3007(a), 3021(a), July 30, 2008, 122 Stat. 2886 , 2892; Pub. L. 115–97, title I, §11002(d)(1)(O), Dec. 22, 2017, 131 Stat. 2060 .)
2017-Subsec. (d)(2)(B). Pub. L. 115–97 substituted "for 'calendar year 2016' in subparagraph (A)(ii)" for "for 'calendar year 1992' in subparagraph (B)".
2008-Subsec. (d)(5). Pub. L. 110–289, §3021(a)(1), added par. (5).
2005-Subsec. (g)(3). Pub. L. 109–59 substituted "(14), or (15) of section 142(a), and" for "or (14) of section 142(a) (relating to airports, docks and wharves, environmental enhancements of hydroelectric generating facilities, qualified public educational facilities, and qualified green building and sustainable design projects), and".
2004-Subsec. (g)(3). Pub. L. 108–357 substituted "(13), or (14)" for "or (13)" and "qualified public educational facilities, and qualified green building and sustainable design projects" for "and qualified public educational facilities".
2001-Subsec. (g)(3). Pub. L. 107–16 substituted "(12), or (13)" for "or (12)" and "environmental enhancements of hydroelectric generating facilities, and qualified public educational facilities" for "and environmental enhancements of hydroelectric generating facilities"
2000-Subsec. (d)(1), (2). Pub. L. 106–554 amended pars. (1) and (2) generally. Prior to amendment, pars. (1) and (2) provided for State ceilings based on the per capita limits and aggregate limits set out in an included table.
1998-Subsec. (d)(1). Pub. L. 105–277 added par. (1) and struck out heading and text of former par. (1). Text read as follows: "The State ceiling applicable to any State for any calendar year shall be the greater of-
Subsec. (d)(2). Pub. L. 105–277 added par. (2) and struck out heading and text of former par. (2). Text read as follows: "In the case of calendar years after 1987, paragraph (1) shall be applied by substituting-
"(A) '$50' for '$75', and
"(B) '$150,000,000' for '$250,000,000'."
1993-Subsec. (g). Pub. L. 103–66, which directed the amendment of par. (4) by adding at the end thereof the following flush sentence: "Paragraph (4) shall be applied without regard to '75 percent of' if all of the property to be financed by the net proceeds of the issue is to be owned by a governmental unit (within the meaning of section 142(b)(1)).", was executed by inserting the sentence at the end of subsec. (g), to reflect the probable intent of Congress.
1992-Subsec. (g)(3). Pub. L. 102–486 substituted ", (2), or (12)" for "or (2)" and ", docks and wharves, and environmental enhancements of hydroelectric generating facilities" for "and docks and wharves".
1989-Subsec. (g)(3), (4). Pub. L. 101–239 redesignated par. (3), relating to exempt facility bonds issued as part of an issue described in par. (11) of section 142(a), as (4).
1988-Subsec. (d)(4)(B). Pub. L. 100–647, §1013(a)(40), substituted "respect to a" for "respect a".
Subsec. (f)(5)(A). Pub. L. 100–647, §1013(a)(9), amended subpar. (A) generally, as in effect before amendment by Pub. L. 100–203. Before amendment by Pub. L. 100–203, subpar. (A) read as follows: "the purpose of issuing bonds referred to in one of the clauses of section 141(d)(1)(A),".
Subsec. (i)(2)(A). Pub. L. 100–647, §1013(a)(28)(A), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: "the maturity date of the bond to be refunded, or".
Subsec. (i)(3)(A). Pub. L. 100–647, §1013(a)(28)(B), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: "the maturity date of the bond to be refunded, or".
Subsec. (k)(1). Pub. L. 100–647, §1013(a)(10)(A), substituted "paragraphs (2) and (3)" for "paragraph (2)".
1987-Subsec. (f)(5)(A). Pub. L. 100–203 amended subpar. (A) generally, as amended by Pub. L. 100–647, §1013(a)(9), restating it without change. See 1988 Amendment note above.
Pub. L. 106–554, §1(a)(7) [title I, §161(b)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-624, provided that: "The amendment made by this section [amending this section] shall apply to calendar years after 2000."
Pub. L. 105–277, div. J, title II, §2021(b), Oct. 21, 1998, 112 Stat. 2681–903 , provided that: "The amendment made by this section [amending this section] shall apply to calendar years after 1998."
Pub. L. 103–66, title XIII, §13121(b), Aug. 10, 1993, 107 Stat. 432 , provided that: "The amendment made by subsection (a) [amending this section] shall apply to bonds issued after December 31, 1993."