Page:United States Statutes at Large Volume 122.djvu/3942

 12 2 STA T .39 19 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8SEC.703 . R E PO R TING RE QU IRE M ENTS RE LA TING TO D ISASTER RELIE F CONTRI B UTIONS. (a)INGE NE RAL.—Section603 3( b )( r e l atin g to ret u rn s o f certain organi z ations d escribed in section 5 0 1 (c)(3)) is a m ended b y stri k ing ‘ ‘and ’ ’att h eendof p aragraph (13) , by redesignating paragraph (1 4 ) as paragraph (15), and by adding after paragraph (13) the follo w ing new paragraph

‘‘(14) such information as the Secretary may re q uire with respect to disaster relief acti v ities, including the amount and use of qualified contributions to which section 1400S(a) applies, and’’. (b) EF FE CTIV E D ATE.— T he amendments made by this section shall apply to returns the due date for which (determined without regard to any e x tension) occurs after December 31, 2 00 8 . SEC. 70 4 . TEMPORAR Y TA X- EXEMPT BOND FINANCING AND LO W - INCOME H OUSING TAX RELIEF FOR AREAS DAMAGED BY HURRICANE I K E. (a) TA X- EXE MP T BO N DF INANCIN G .—Section 1400 N (a) of the Internal R evenue C odeof1 9 86 shall apply to any H urricane Ike disaster area in addition to any other area referenced in such section, but with the following modifications: (1) By substituting ‘‘qualified Hurricane Ike disaster area bond’’ for ‘‘qualified Gulf O pportunity Z one Bond’’ each place it appears, except that in determining whether a bond is a qualified Hurricane Ike disaster area bond— ( A ) paragraph (2)(A)(i) shall be applied by only treating costs as qualified pro j ect costs if— (i) in the case of a project involving a private business use (as defined in section 141(b)(6)), either the person using the property suffered a loss in a trade or business attributable to Hurricane Ike or is a person designated for purposes of this section by the Governor of the State in which the project is located as a person carrying on a trade or business replacing a trade or business with respect to which another person suffered such a loss, and (ii) in the case of a project relating to public utility property, the project involves repair or reconstruction of public utility property damaged by Hurricane Ike, and (B) paragraph (2)(A)(ii) shall be applied by treating an issue as a qualified mortgage issue only if 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of the issue are to be used to provide financing for mortga- gors who suffered damages to their principal residences attributable to Hurricane Ike. (2) By substituting ‘‘any State in which any Hurricane Ike disaster area is located’’ for ‘‘the State of Alabama, L ou- isiana, or M ississippi’’ in paragraph (2)(B). (3) By substituting ‘‘designated for purposes of this section (on the basis of providing assistance to areas in the order in which such assistance is most needed)’’ for ‘‘designated for purposes of this section’’ in paragraph (2)(C). (4) By substituting ‘‘ J anuary 1, 2013’’ for ‘‘January 1, 2011’’ in paragraph (2)(D). Ap p licab ili ty.26USC 6 03 3 no t e. 26 USC 6033.

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