Page:United States Statutes at Large Volume 92 Part 3.djvu/195

 PUBLIC LAW 95-600—NOV. 6, 1978 '

92 STAT. 2827

"(B) SPECIAL RULE WHERE PROPERTY IS FINANCED BY INDUSTRIAL DEVELOPMENT BONDS.—To the extent that any property

is financed by the proceeds of an industrial development bond (within the meaning of section 103(b)(2)) the interest on which is exempt from tax under section 103, subparagraph (A) shall be applied by substituting '50 percent' for '100 percent'." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to— (1) property acquired by the taxpayer after December 31, 1978, and (2) property the construction, reconstruction, or erection of which was completed by the taxpayer after December 31, 1978 (but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date). SEC. 314. INVESTMENT CREDIT FOR CERTAIN SINGLE PURPOSE AGRICULTURAL OR HORTICULTURAL STRUCTURES. (a) GENERAL RULE.—Paragraph (1) of section 48(a) (defining section 38 property) is amended by striking out the period at the end of subparagraph (C) and inserting in lieu thereof ", or" and by inserting after subparagraph (C) the following new subparagraph: "(D) single purpose agricultural or horticultural structures."

26 USC 103.

26 USC 46 note.

26 USC 48. 26 USC 38.

(b) DEFINITION OF SINGLE PURPOSE AGRICULTURAL OR HORTICUL-

TURAL STRUCTURES.—Section 48 is amended by redesignating subsec- 26 USC 48. tion (p) as subsection (q) and by inserting after subsection (o) the following new subsection: "(p) SINGLE PURPOSE AGRICULTURAL OR HORTICULTURAL STRUCTURE

DEFINED.—For purposes of this section— "(1) IN GENERAL.—The term 'single purpose agricultural or horticultural structure' means— "(A) a single purpose livestock structure, and "(B) a single purpose horticultural structure. "(2) SINGLE PURPOSE LIVESTOCK STRUCTURE.—The term 'single purpose livestock structure' means any enclosure or structure specifically designed, constructed, and used— "(A) for housing, raising, and feeding a particular type of livestock and their produce, and "(B) for housing the equipment (including any replacements) necessary for the housing, raising, and feeding referred to in subparagraph (A). "(3) SINGLE PURPOSE HORTICULTURAL STRUCTURE.—The term 'single purpose horticultural structure' means— "(A) a greenhouse specifically designed, constructed, and used for the commerical production of plants, and "(B) a structure specifically designed, constructed and used for the commercial production of mushrooms. "(4) STRUCTURES WHICH INCLUDE WORK SPACE.—An enclosure

or structure which provides work space shall be treated as a single purpose agricultural or horticultural structure only if such work space is solely for— "(A) the stocking, caring for, or collecting of livestock or plants (as the case may be) or their produce, "(B) the maintenance of the enclosure or structure, and "(C) the maintenance or replacement of the equipment or stock enclosed or housed therein.

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