Page:United States Statutes at Large Volume 94 Part 2.djvu/1403

 PUBLIC LAW 96-499—DEC. 5, 1980

94 STAT. 2681

(2) ISSUING AUTHORITY.—The authority granted by this subsection with respect to any city or county may be used only by the appropriate issuing authority for that city or county. (3) CEILING AMOUNT.—The ceiling amount specified in paragraph (1) with respect to any item shall be the maximum aggregate amount of obligations which may be issued by the appropriate issuing authority under the authority granted by such item. (4) PURPOSE.—The authority under any item may be used to issue obligations only for the purpose set forth in paragraph (1) for such item. (0) SPECIAL RULE FOR LOANS TO LENDERS PROGRAM.—

(1) IN GENERAL.—In the case of any obligations issued during 1981 or 1982 pursuant to a qualified loans to lender program— (A) the amendments made by section 1103 shall not apply, (B) subsection (i) of section 103A of the Internal Revenue Code of 1954 (other than the last sentence of paragraph (1) of ^"^e, p. 2660. such subsection) shall not apply, and (C) the determination of whether the requirements of subsections (d), (e), (f), (h), (j)(2), and (j)(3) of such section 103A are met with respect to such issue shall be made by taking into account the loans made by the financial institutions with the funds provided by the issue (in lieu of the mortgages acquired from the financial institutions with the proceeds of the issue). (2) QUALIFIED LOANS TO LENDER PROGRAM.—For purposes of paragraph (1), the term "qualified loans to lender program" means any program established pursuant to legislation enacted by New York State in 1970 which finances the purchase of existing mortgages from financial institutions and requires any money received by a financial institution on the purchase of a mortgage to be reinvested within 90 days in new mortgages.

Subtitle B—Cash Management SEC. n i l. ESTIMATED INCOME TAX PAYMENTS BY CORPORATIONS.

(a) GENERAL RULE.—Section 6655 of the Internal Revenue Code of 26 USC 6655. 1954 (relating to failure by corporation to pay estimated income tax) is amended by adding at the end thereof the following new subsection: "(h) LARGE CORPORATIONS REQUIRED TO PAY AT LEAST 60 PERCENT OF CURRENT YEAR TAX.—

"(1) IN GENERAL.—In the case of a large corporation, the amount treated as the estimated tax for the taxable year under paragraphs (1) and (2) of subsection (d) shall in no event be less than 60 percent of— "(A) the tax shown on the return for the taxable year, or "(B) if no return was filed, the tax for such year. "(2) LARGE CORPORATION.—For purposes of this subsection, the term 'large corporation' means any corporation if such corporation (or any predecessor corporation) had taxable income of $1,000,000 or more for any taxable year during the testing period. "(3) RULES FOR APPLYING PARAGRAPH (2).— "(A) TESTING PERIOD.—For purposes of this subsection, the

term 'testing period' means the 3 taxable years immediately preceding the taxable year involved.

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