Page:United States Statutes at Large Volume 119.djvu/2597

 PUBLIC LAW 109–135—DEC. 21, 2005

119 STAT. 2579

a major disaster has been declared by the President before November 14, 2005, under section 401 of such Act by reason of Hurricane Wilma. ‘‘SEC. 1400N. TAX BENEFITS FOR GULF OPPORTUNITY ZONE.

‘‘(a) TAX-EXEMPT BOND FINANCING.— ‘‘(1) IN GENERAL.—For purposes of this title— ‘‘(A) any qualified Gulf Opportunity Zone Bond described in paragraph (2)(A)(i) shall be treated as an exempt facility bond, and ‘‘(B) any qualified Gulf Opportunity Zone Bond described in paragraph (2)(A)(ii) shall be treated as a qualified mortgage bond. ‘‘(2) QUALIFIED GULF OPPORTUNITY ZONE BOND.—For purposes of this subsection, the term ‘qualified Gulf Opportunity Zone Bond’ means any bond issued as part of an issue if— ‘‘(A)(i) 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of such issue are to be used for qualified project costs, or ‘‘(ii) such issue meets the requirements of a qualified mortgage issue, except as otherwise provided in this subsection, ‘‘(B) such bond is issued by the State of Alabama, Louisiana, or Mississippi, or any political subdivision thereof, ‘‘(C) such bond is designated for purposes of this section by— ‘‘(i) in the case of a bond which is required under State law to be approved by the bond commission of such State, such bond commission, and ‘‘(ii) in the case of any other bond, the Governor of such State, ‘‘(D) such bond is issued after the date of the enactment of this section and before January 1, 2011, and ‘‘(E) no portion of the proceeds of such issue is to be used to provide any property described in section 144(c)(6)(B). ‘‘(3) LIMITATIONS ON BONDS.— ‘‘(A) AGGREGATE AMOUNT DESIGNATED.—The maximum aggregate face amount of bonds which may be designated under this subsection with respect to any State shall not exceed the product of $2,500 multiplied by the portion of the State population which is in the Gulf Opportunity Zone (as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before August 28, 2005). ‘‘(B) MOVABLE PROPERTY.—No bonds shall be issued which are to be used for movable fixtures and equipment. ‘‘(4) QUALIFIED PROJECT COSTS.—For purposes of this subsection, the term ‘qualified project costs’ means— ‘‘(A) the cost of any qualified residential rental project (as defined in section 142(d)) located in the Gulf Opportunity Zone, and ‘‘(B) the cost of acquisition, construction, reconstruction, and renovation of—

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