Page:United States Statutes at Large Volume 102 Part 4.djvu/476

 102 STAT. 3446

26 USC 265 note.

PUBLIC LAW 100-647—NOV. 10, 1988 Place projects at Union Pier Terminal and 1 project at the Remount Road Container Yard, State Pier No. 15 at North Charleston Terminal", (C) in subparagraph (M), by striking out "Pontabla" and inserting in lieu thereof "Pontalba", (D) in subparagraph (P), by striking out "Birmingham, Alabama," and inserting in lieu thereof "Homewood, Alabama, the", and (E) by adding at the end thereof the following new subparagraphs: "(T) Bellows Falls, Vermont—building project. "(U) East Broadway Project, Louisville, Kentucky. "(V) O.K. Industries, Oklahoma." (2) Paragraph (4) of section 902(f) of the Reform Act is amended by striking out "subparagraph" and inserting in lieu thereof "paragraph". (3)(A) Paragraph (3) of section 265(b) of the 1986 Code is amended to read as follows: "(3) EXCEPTION FOR CERTAIN TAX-EXEMPT OBLIGATIONS.—

"(A) IN GENERAL.—Any qualified tax-exempt obligation acquired after August 7, 1986, shall be treated for purposes of paragraph (2) and section 291(e)(l)(B) as if it were acquired on August 7, 1986. "(B) QUALIFIED TAX-EXEMPT OBLIGATION.—

"(i) IN GENERAL.—For purposes of subparagraph (A), the term 'qualified tax-exempt obligation' means a taxexempt obligation— "(I) which is issued after August 7, 1986, by a qualified small issuer, "(II) which is not a private activity bond (as defined in section 141), and "(III) which is designated by the issuer for purposes of this paragraph, "(ii) CERTAIN BONDS NOT TREATED AS PRIVATE ACTIVITY

BONDS.—For purposes of clause (i)(II), there shall not be treated as a private activity bond— "(I) any qualified 501(c)(3) bond (as defined in section 145), or "(II) any obligation issued to refund (or which is part of a series of obligations issued to refund) an obligation issued before August 8, 1986, which was not 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) or a private loan bond (as defined in section 103(o)(2)(A), as so in effect, but without regard to any exemption from such definition other than section 103(o)(2)(A)). "(C) QUALIFIED SMALL ISSUER.—

"(i) IN GENERAL.—For purposes of subparagraph (B), the term 'qualified small issuer' means, with respect to obligations issued during any calendar year, any issuer if the reasonably anticipated amount of tax-exempt obligations (other than obligations described in clause (ii)) which will be issued by such issuer during such calendar year does not exceed $10,000,000.

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