Page:United States Statutes at Large Volume 96 Part 2.djvu/837

 PUBLIC LAW 97-424—JAN. 6, 1983 (1) by striking out "or" at the end of subparagraph (L), (2) by redesignating subparagraph (M) as subparagraph (N) and by inserting after subparagraph (L) the following new subparagraph: "(M) modifications to chlor-alkali electrolytic cells, or"; and (3) by striking out "(M)" in the second sentence and inserting in lieu thereof "(N)". (b) The table contained in clause (i) of section 46(a)(2)(C) (relating to amount of credit) is amended by adding at the end thereof the following new subsection: "VII.

96 STAT. 2199

26 USC 46.

CHLOR-ALKALI ELEC-

TROLYTIC CELLS—Property

described in section 48(1)(5)(M) 10 percent Jan. 1, 1980 Dec. 31, 1982." SEC. 547. INTEREST EXEMPT OTHER THAN UNDER THE INTERNAL REVENUE CODE OF 1954. (a) IN GENERAL.—Section 103 (relating to interest on certain Ante, p. 469. governmental obligations) is amended by redesignating subsection (m) as subsection (n) and by inserting after subsection (1) the following new subsection: "(m) OBLIGATIONS EXEMPT OTHER THAN UNDER THIS TITLE.— "(1) PRIOR EXEMPTIONS.—For purposes of this title, notwith-

standing any provisions of this section or section 103A any obligation the interest on which is exempt from taxation under this title under any provision of law which is in effect on the date of the enactment of this subsection (other than a provision of this title) shall be treated as an obligation described in subsection (a). "(2) No OTHER INTEREST TO BE EXEMPT EXCEPT AS PROVIDED BY

THIS TITLE.—Notwithstanding any other provision of law, no interest on any obligation shall be exempt from taxation under this title unless such interest— "(A) is on an obligation described in paragraph (1), or "(B) is exempt from taxation under any provision of this title.". (b) CONFORMING AMENDMENTS.—

(1) Section 851(b) (relating to definition of regulated investment company) is amended by striking out "103(a)(1)" and inserting in lieu thereof "103(a)". (2) Section 852 (relating to taxation of regulated investment companies and their shareholders) is amended by striking out "103(a)(1)" each place it appears and inserting in lieu thereof "103(a)".

26 USC 851. 26 USC 852.

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