Source: http://www.law.cornell.edu/uscode/text/26/54B?qt-us_code_tabs=1
Timestamp: 2014-11-26 14:24:25
Document Index: 295198769

Matched Legal Cases: ['§ 54', '§ 54', '§ 54', '§ 15316', '§ 4', '§ 15316']

26 U.S. Code § 54B - Qualified forestry conservation bonds | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter A › Part IV › Subpart I › § 54B 26 U.S. Code § 54B - Qualified forestry conservation bonds
Qualified forestry conservation bond For purposes of this subchapter, the term “qualified forestry conservation bond” means any bond issued as part of an issue if—
Limitation on amount of bonds designated The maximum aggregate face amount of bonds which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated to such issuer under subsection (d).
National limitation on amount of bonds designated There is a national qualified forestry conservation bond limitation of $500,000,000.
In general The Secretary shall make allocations of the amount of the national qualified forestry conservation bond limitation described in subsection (c) among qualified forestry conservation purposes in such manner as the Secretary determines appropriate so as to ensure that all of such limitation is allocated before the date which is 24 months after the date of the enactment of this section.
Solicitation of applications The Secretary shall solicit applications for allocations of the national qualified forestry conservation bond limitation described in subsection (c) not later than 90 days after the date of the enactment of this section.
Qualified forestry conservation purpose For purposes of this section, the term “qualified forestry conservation purpose” means the acquisition by a State or any political subdivision or instrumentality thereof or a 501(c)(3) organization (as defined in section 150
(a)(4)) from an unrelated person of forest and forest land that meets the following qualifications:
Qualified issuer For purposes of this section, the term “qualified issuer” means a State or any political subdivision or instrumentality thereof or a 501(c)(3) organization (as defined in section 150
Special arbitrage rule In the case of any qualified forestry conservation bond issued as part of an issue, section 54A
(d)(4)(C) shall be applied to such issue without regard to clause (i).
Election to treat 50 percent of bond allocation as payment of tax (1)
Treatment of deemed payment (A)
In general Notwithstanding any other provision of this title, the Secretary shall not use the payment of tax described in paragraph (1) as an offset or credit against any tax liability of the qualified issuer but shall refund such payment to such issuer.
No interest Except as provided in paragraph (3)(A), the payment described in paragraph (1) shall not be taken into account in determining any amount of interest under this title.
Requirement for, and effect of, election (A)
Requirement No election under this subsection shall take effect unless the qualified issuer certifies to the Secretary that any payment of tax refunded to the issuer under this subsection will be used exclusively for 1 or more qualified forestry conservation purposes. If the qualified issuer fails to use any portion of such payment for such purpose, the issuer shall be liable to the United States in an amount equal to such portion, plus interest at the overpayment rate under section 6621 for the period from the date such portion was refunded to the date such amount is paid. Any such amount shall be assessed and collected in the same manner as tax imposed by this chapter, except that subchapter B of chapter 63 (relating to deficiency procedures) shall not apply in respect of such assessment or collection.
Effect of election on allocation If a qualified issuer makes the election under this subsection with respect to any allocation—
(Added Pub. L. 110–234, title XV, § 15316(a),May 22, 2008, 122 Stat. 1509, and Pub. L. 110–246, § 4(a), title XV, § 15316(a),June 18, 2008, 122 Stat. 1664, 2271.)