Page:United States Statutes at Large Volume 102 Part 4.djvu/575

 PUBLIC LAW 100-647—NOV. 10, 1988 '

102 STAT. 3545

in lieu thereof "whether interest on prospective obligations will be excludable from gross income under section 103(a)", and (B) by striking out "whether such prospective obligations are described in section 103(a)" and inserting in lieu thereof "whether interest on such prospective obligations will be excludable from gross income under section 103(a)". (43XA) Subsection (b) of section 148 of the 1986 Code (defining higher jdelding investments) is amended by adding at the end thereof the following new paragraph: "(3) ALTERNATIVE MINIMUM TAX BONDS TREATED AS INVESTMENT PROPERTY IN CERTAIN CASES.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), the term 'investment property' does not include any tax-exempt bond. "(B) EXCEPTION.—With respect to an issue other than an issue a part of which is a specified private activity bond (as defined in section 57(a)(5)(C)), the term 'investment property' includes a specified private activity bond (as so defined)." (B) Paragraph (2) of section 148(b) of the 1986 Code (defining investment property) is amended Ijy striking the last sentence. (C) The amendments made by this paragraph shall apply to obligations issued after March 31, 1988. (44) Subparagraph (B) of section 46(c)(5) of the 1986 (Dode is amended—

26 USC 148 note.

(A) by striking out "INDUSTRIAL DEVELOPMENT BONDS" in

the heading and inserting in lieu thereof

"PRIVATE ACTIVITY

BONDS", and

(B) by striking "an industrial development bond (within the meaning of section 103(b)(2))" and inserting in lieu thereof "a private activity bond (within the meaning of section 141)". (b) AMENDMENTS RELATED TO SECTION 1311 OF THE REFORM ACT.—

(1) Section 1311 of the Reform Act is amended by redesignating subsection (d) as subsection (f), and by inserting after subsection (c) the following new subsections: "(d) P U B U C APPROVAL AND INFORMATION

26 USC 141 note,

REPORTING.—Sections

147(f) and 149(e) of the 1986 Code shall apply to bonds issued after December 31, 1986. "(e) REBATE REQUIREMENT FOR QUALIFIED SCHOLARSHIP FUNDING

BONDS.—Section 150(d) of the 1986 (Dode shall apply to payments made after August 15, 1986." (2) Paragraph (2) of section 1311(b) of the Reform Act (relating to effective date for section 1301(f)) is amended by inserting "with respect to non-issued bond amounts elected" after "issued". (c) AMENDMENTS RELATED TO SECTION 1313 OF THE REFORM ACT.—

(1) Clause (i) of section 1313(a)(l)(B) of the Reform Act is amended by striking out "the proceeds" and inserting in lieu thereof "the net proceeds". (2)(A) Subparagraph (C) of section 1313(a)(3) of the Reform Act is amended by striking out "section 148" and inserting in lieu thereof "sections 143(g) and 148". (B) The amendment made by subparagraph (A) shall apply to bonds issued after June 30, 1987.

26 USC 141 note.

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