Page:United States Statutes at Large Volume 96 Part 1.djvu/512

 96 STAT. 470

26 USC 103.

26 USC 103 note.

95 Stat. 204.

PUBLIC LAW 97-248—SEPT. 3, 1982 "(C) where required, the name of the appHcable elected representative who approved the issue, or a description of the voter referendum by which the issue was approved, "(D) the name, address, and employer identification number of— "(i) each initial principal user of any facilities provided with the proceeds of the issue, "(ii) the common parent of any affiliated group of corporations (Within the meaning of section 1504(a)) of which such initial principal user is a member, and "(iii) if the issue is treated as a separate issue under subsection (b)(6)(K), any person treated as a principal user under subsection (b)(6)(L), and "(E) a description of any property to be financed from the proceeds of the issue. "(3) EXTENSION OF TIME.—The Secretary may grant an extension of time for the filing of any statement required under paragraph (2) if there is reasonable cause for the failure to file such statement in a timely fashion." (2) CONFORMING AMENDMENT.—Paragraph (2) of section 103(b) (defining industrial development bond) is amended by striking out "For purposes of this subsection" and inserting in lieu thereof "For purposes of this section". (c) EFFECTIVE D A T E S. — (1) PUBLIC APPROVAL.—The

amendment made by subsection (a) shall apply to obligations issued after December 31, 1982, other than obligations issued solely to refund any obligation which— (A) was issued before July 1, 1982, and (B) has a maturity which does not exceed 3 years. (2) INFORMATION REPORTING.—The amendments made by subsection (b) shall apply to obligations issued after December 31, 1982 (including any obligation issued to refund an obligation issued before such date). SEC. 216. COST RECOVERY FOR CERTAIN PROPERTY FINANCED WITH TAX-EXEMPT BONDS. (a) CosT RECOVERY METHOD.—Subsection (f) of section 168 (relating to special rules for the accelerated cost recovery system) is amended by adding at the end thereof the following new paragraph: "(12) LIMITATIONS ON PROPERTY FINANCED WITH TAX-EXEMPT BONDS.—

"(A) IN GENERAL.—Notwithstanding any other provision of this section, to the extent that any property is financed by the proceeds of an industrial development bond (within the meaning of section 10303)(2)) the interest of which is exempt from taxation under section 103(a), the deduction allowed under subsection (a) (and any deduction allowable in lieu of the deduction allowable under subsection (a)) for any taxable year with respect to such property shall be determined under subparagraph (B). "(B) RECOVERY METHOD.—

"(i) IN GENERAL.—Except as provided in clause (ii), the amount of the deduction allowed with respect to property described in subparagraph (A) shall be determined by using the straight-line method (with a halfyear convention and without regard to salvage value)

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