Source: http://taxtv.com/code/00092-USCODE-2011-title26-subtitleA-chap1-subchapA-partIV-subpartI-sec54F/
Timestamp: 2017-11-18 13:49:26
Document Index: 26713231

Matched Legal Cases: ['§54', '§54', '§1521', '§301', '§301', '§301', '§301']

IRC §54F. Qualified school construction bonds - TaxTV.com
IRC §54F. Qualified school construction bonds
(a) Qualified school construction bond
(1) $11,000,000,000 for 2009,
(2) $11,000,000,000 for 2010, and
(3) except as provided in subsection (e), zero after 2010.
(d) Allocation of limitation
(1) Allocation among States
(2) 40 percent of limitation allocated among largest school districts
(C) Reduction in State allocation
(D) Allocation of unused limitation to State
(E) Large local educational agency
(i) among the 100 local educational agencies with the largest numbers of children aged 5 through 17 from families living below the poverty level, as determined by the Secretary using the most recent data available from the Department of Commerce that are satisfactory to the Secretary, or
(ii) 1 of not more than 25 local educational agencies (other than those described in clause (i)) that the Secretary of Education determines (based on the most recent data available satisfactory to the Secretary) are in particular need of assistance, based on a low level of resources for school construction, a high level of enrollment growth, or such other factors as the Secretary deems appropriate.
(3) Allocations to certain possessions
(4) Allocations for Indian schools
In addition to the amounts otherwise allocated under this subsection, $200,000,000 for calendar year 2009, and $200,000,000 for calendar year 2010, shall be allocated by the Secretary of the Interior for purposes of the construction, rehabilitation, and repair of schools funded by the Bureau of Indian Affairs. In the case of amounts allocated under the preceding sentence, Indian tribal governments (as defined in section 7701(a)(40)) shall be treated as qualified issuers for purposes of this subchapter.
(e) Carryover of unused limitation
(1) the amount allocated under subsection (d) to any State, exceeds
(2) the amount of bonds issued during such year which are designated under subsection (a) pursuant to such allocation,
(Added Pub. L. 111–5, div. B, title I, §1521(a), Feb. 17, 2009, 123 Stat. 355; amended Pub. L. 111–147, title III, §301(b), Mar. 18, 2010, 124 Stat. 78.)
2010—Subsec. (d)(1). Pub. L. 111–147, §301(b)(1), substituted “by the State education agency (or such other agency as is authorized under State law to make such allocation)” for “by the State”.
Subsec. (e). Pub. L. 111–147, §301(b)(2), substituted “paragraphs (2) and (4) of subsection (d)” for “subsection (d)(4)” in concluding provisions.
Pub. L. 111–147, title III, §301(c)(2), Mar. 18, 2010, 124 Stat. 78, provided that: “The amendments made by subsection (b) [amending this section] shall take effect as if included in section 1521 of the American Recovery and Reinvestment Tax Act of 2009 [Pub. L. 111–5].”
Section applicable to obligations issued after Feb. 17, 2009, see section 1521(c) of Pub. L. 111–5, set out as an Effective Date of 2009 Amendment note under section 54A of this title.