Page:United States Statutes at Large Volume 98 Part 1.djvu/952

 98 STAT. 904

PUBLIC LAW 98-369—JULY 18, 1984 "(A) who served on active duty at some time before January 1, 1977, and "(B) who applied for the financing before the later of— "(i) the date 30 years after the last date on which such veteran left active service, or "(ii) January 1, 1985. "(5) GOOD FAITH EFFORT RULES MADE APPLICABLE.—Rules similar to the rules of subparagraphs (B) and (C) of subsection (c)(2) shall apply to the requirements of this subsection. "(6) SPECIAL RULE FOR CERTAIN SHORT-TERM OBLIGATIONS.—In

the case of any obligation which has a term of 1 year or less and which was issued to provide financing for property taxes, the amount taken into account under this subsection with respect to such obligation shall be Vis of its principal amount." 26 USC 103A

note.

(d) EFFECTIVE DATES.— (1) SUBSECTION (a).—The

amendment made by subsection (a) shall apply with respect to obligations issued after December 31, 1983. (2) SUBSECTION (b).—The amendments made by subsection (h) shall apply to obligations issued after December 31, 1984. (3) SUBSECTION (C).—

Ante, p. 903.

(A) IN GENERAL.—Except as provided in subparagraph (B), the amendments made by subsection (c) shall apply to obligations issued after the date of the enactment of this Act. (B) VOLUME LIMITATION.—The requirements of paragraph (3) of section 103A(o) of the Internal Revenue Code of 1954 (as added by this section) shall apply to obligations issued after June 22, 1984. In applying such requirements to obligations issued after such date, obligations issued on or before such date shall not be taken into account under such paragraph (3). (C) QUALIFIED VETERANS' MORTGAGE BONDS AUTHORIZED BEFORE OCTOBER 18, 1983, NOT TAKEN INTO ACCOUNT.—The

requirements of section 103A(o)(3) of the Internal Revenue Code of 1954 shall not apply to any qualified veterans' mortgage bond if^ (i) the issuance of such bond was authorized by a State referendum before October 18, 1983, or (ii) the issuance of such bond was authorized pursuant to a State referendum before December 1, 1983, where such referendum was authorized by action of the State legislature before October 18, 1983. (4) TRANSITIONAL RULE WHERE STATE FORMULA FOR ALLOCATING STATE CEIUNG EXPIRES.—

(A) IN GENERAL.—If a State law which provided a formula for allocating the State ceiling under section 103A(g) of the Internal Revenue Code of 1954 for calendar year 1983 expires as of the close of calendar year 1983, for purposes of section 103A(g) of such Code, such State law shall be treated as remaining in effect after 1983. In any case to which the preceding sentence applies, where the State's expiring allocation formula requires action by a State official to allocate the State ceiling among issuers, actions of such State official in allocating such ceiling shall be effective. (B) TERMINATION.—Subparagraph (A) shall not apply on or after the effective date of any State legislation enacted

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