Page:United States Statutes at Large Volume 98 Part 1.djvu/979

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 931

provide any airplane, skybox, or other private luxury box, any health club facility, any facility primarily used for gambling, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises." SEC. 628. MISCELLANEOUS INDUSTRIAL DEVELOPMENT BOND PROVISIONS. (a) CERTAIN RESTRICTIONS APPLY TO EXEMPTIONS NOT CONTAINED

IN INTERNAL REVENUE CODE OF 1954.— (1) Paragraph (1) of section 103(m) (relating to obligations 26 USC 103. exempt other than under this title) is amended by adding at the end thereof the following new sentence: *Tn the case of an obligation issued after December 31, 1983, such obligation shall not be treated as described in this paragraph unless the appropriate requirements of subsections (b), (c), (h), (k), (1), and (n) of this section and section 103A are met with respect to such obligation. For purposes of applying such requirements, a possession of the United States shall be treated as a State; except that clause (ii) of subsection (n)(4)(A) shall not apply." (2) Subparagraph (B) of section 103(m)(2) is amended to read as follows: ,,, r,,;,,,, "(B) is exempt from tax under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act." (3) Subsection (m) of section 103 is amended by adding at the end thereof the following new paragraph: "(3) EXCEPTIONS.—The following obligations shall be treated as obligations described in paragraph (1) (without regard to the second sentence thereof): "(A) Any obligation issued pursuant to the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of the enactment of the Tax Reform Act of 1984. Ante, p. 494. "(B) Any obligation issued pursuant to section 608(6)(A) of Public Law 97-468. 45 USC 1207. "(C) Any obligation issued before June 19, 1984, under section 11(b) of the United States Housing Act of 1937." 42 USC I437i. (b) EXPANSION OF TAX-EXEMPT BOND FINANCED PROPERTY R E QUIRED To B E DEPRECIATED ON STRAIGHT-LINE BASIS.—

(1) IN GENERAL.—Subpar^raph (C) of section 168(fK12) (relating to limitations on property financed with tax-exempt bonds) is amended to read as follows:

26 USC 168.

"(C) EXCEPTION FOR PROJECTS FOR RESIDENTIAL RENTAL

PROPERTY.—Subparagraph (A) shall not apply to any recovery property which is placed in service in connection with projects for residentisd rental property financed by the proceeds of obligations described in section 103(b)(4)(A)."

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(2) CONFORMING AMENDMENT.—Paragraph (12) of section

168(f) is amended by striking out subparagraph (D) and by redesignating subparagraph (E) as subparagraph (D). (c) AGGREGATION OF ISSUES FOR SINGLE PROJECT.—Paragraph (6) of

section 103(b) (relating to exemption for small issues) is amended by adding at the end thereof the following new subparagraph: "(P) AGGREGATION OF ISSUES WITH RESPECT TO SINGLE

PROJECT.—For purposes of this paragraph, 2 or more issues part or all of which are to be used with respect to a single building, an enclosed shopping mall, or a strip of offices, stores, or warehouses using substantial common facilities

26 USC los.

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