Page:United States Statutes at Large Volume 118.djvu/1479

 118 STAT. 1449 PUBLIC LAW 108–357—OCT. 22, 2004 (c) CLERICAL AMENDMENT.—The table of sections for subpart G of part II of subchapter A of chapter 51 is amended by striking the last item and inserting the following new items: ‘‘Sec. 5148. Suspension of occupational tax. ‘‘Sec. 5149. Cross references.’’. (d) EFFECTIVE DATE.—The amendments made by this section shall take effect on the date of the enactment of this Act. SEC. 247. MODIFICATION OF UNRELATED BUSINESS INCOME LIMITA TION ON INVESTMENT IN CERTAIN SMALL BUSINESS INVESTMENT COMPANIES. (a) IN GENERAL.—Paragraph (6) of section 514(c) (relating to acquisition indebtedness) is amended to read as follows: ‘‘(6) CERTAIN FEDERAL FINANCING.— ‘‘(A) IN GENERAL.—For purposes of this section, the term ‘acquisition indebtedness’ does not include— ‘‘(i) an obligation, to the extent that it is insured by the Federal Housing Administration, to finance the purchase, rehabilitation, or construction of housing for low and moderate income persons, or ‘‘(ii) indebtedness incurred by a small business investment company licensed after the date of the enactment of the American Jobs Creation Act of 2004 under the Small Business Investment Act of 1958 if such indebtedness is evidenced by a debenture— ‘‘(I) issued by such company under section 303(a) of such Act, and ‘‘(II) held or guaranteed by the Small Business Administration. ‘‘(B) LIMITATION.—Subparagraph (A)(ii) shall not apply with respect to any small business investment company during any period that— ‘‘(i) any organization which is exempt from tax under this title (other than a governmental unit) owns more than 25 percent of the capital or profits interest in such company, or ‘‘(ii) organizations which are exempt from tax under this title (including governmental units other than any agency or instrumentality of the United States) own, in the aggregate, 50 percent or more of the capital or profits interest in such company.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness incurred after the date of the enactment of this Act by a small business investment company licensed after the date of the enactment of this Act. SEC. 248. ELECTION TO DETERMINE CORPORATE TAX ON CERTAIN INTERNATIONAL SHIPPING ACTIVITIES USING PER TON RATE. (a) IN GENERAL.—Chapter 1 is amended by inserting after subchapter Q the following new subchapter: 26 USC 514 note. 26 USC 5117 note.

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