Internal Revenue Code:Sec. 25. Interest on certain home mortgages
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter A - Determination of Tax Liability
PART IV - CREDITS AGAINST TAX
Subpart A - Nonrefundable Personal Credits
Statute
Sec. 25. Interest on certain home mortgages
(a) Allowance of credit
(1) In general
There shall be allowed as a credit against the tax imposed by
this chapter for the taxable year an amount equal to the product
of -
(A) the certificate credit rate, and
(B) the interest paid or accrued by the taxpayer during the
taxable year on the remaining principal of the certified
indebtedness amount.
(2) Limitation where credit rate exceeds 20 percent
(A) In general
If the certificate credit rate exceeds 20 percent, the amount
of the credit allowed to the taxpayer under paragraph (1) for
any taxable year shall not exceed $2,000.
(B) Special rule where 2 or more persons hold interests in
residence
If 2 or more persons hold interests in any residence, the
limitation of subparagraph (A) shall be allocated among such
persons in proportion to their respective interests in the
residence.
(b) Certificate credit rate; certified indebtedness amount
For purposes of this section -
(1) Certificate credit rate
The term ''certificate credit rate'' means the rate of the
credit allowable by this section which is specified in the
mortgage credit certificate.
(2) Certified indebtedness amount
The term ''certified indebtedness amount'' means the amount of
indebtedness which is -
(A) incurred by the taxpayer -
(i) to acquire the principal residence of the taxpayer,
(ii) as a qualified home improvement loan (as defined in
section 143(k)(4)) with respect to such residence, or
(iii) as a qualified rehabilitation loan (as defined in
section 143(k)(5)) with respect to such residence, and
(B) specified in the mortgage credit certificate.
(c) Mortgage credit certificate; qualified mortgage credit
certificate program
For purposes of this section -
(1) Mortgage credit certificate
The term ''mortgage credit certificate'' means any certificate
which -
(A) is issued under a qualified mortgage credit certificate
program by the State or political subdivision having the
authority to issue a qualified mortgage bond to provide
financing on the principal residence of the taxpayer,
(B) is issued to the taxpayer in connection with the
acquisition, qualified rehabilitation, or qualified home
improvement of the taxpayer's principal residence,
(C) specifies -
(i) the certificate credit rate, and
(ii) the certified indebtedness amount, and
(D) is in such form as the Secretary may prescribe.
(2) Qualified mortgage credit certificate program
(A) In general
The term ''qualified mortgage credit certificate program''
means any program -
(i) which is established by a State or political
subdivision thereof for any calendar year for which it is
authorized to issue qualified mortgage bonds,
(ii) under which the issuing authority elects (in such
manner and form as the Secretary may prescribe) not to issue
an amount of private activity bonds which it may otherwise
issue during such calendar year under section 146,
(iii) under which the indebtedness certified by mortgage
credit certificates meets the requirements of the following
subsections of section 143 (as modified by subparagraph (B)
of this paragraph):
(I) subsection (c) (relating to residence requirements),
(II) subsection (d) (relating to 3-year requirement),
(III) subsection (e) (relating to purchase price
requirement),
(IV) subsection (f) (relating to income requirements),
(V) subsection (h) (relating to portion of loans required
to be placed in targeted areas), and
(VI) paragraph (1) of subsection (i) (relating to other
requirements),
(iv) under which no mortgage credit certificate may be
issued with respect to any residence any of the financing of
which is provided from the proceeds of a qualified mortgage
bond or a qualified veterans' mortgage bond,
(v) except to the extent provided in regulations, which is
not limited to indebtedness incurred from particular lenders,
(vi) except to the extent provided in regulations, which
provides that a mortgage credit certificate is not
transferrable, and
(vii) if the issuing authority allocates a block of
mortgage credit certificates for use in connection with a
particular development, which requires the developer to
furnish to the issuing authority and the homebuyer a
certificate that the price for the residence is no higher
than it would be without the use of a mortgage credit
certificate.
Under regulations, rules similar to the rules of subparagraphs
(B) and (C) of section 143(a)(2) shall apply to the
requirements of this subparagraph.
(B) Modifications of section 143
Under regulations prescribed by the Secretary, in applying
section 143 for purposes of subclauses (II), (IV), and (V) of
subparagraph (A)(iii) -
(i) each qualified mortgage certificate credit program
shall be treated as a separate issue,
(ii) the product determined by multiplying -
(I) the certified indebtedness amount of each mortgage
credit certificate issued under such program, by
(II) the certificate credit rate specified in such
certificate,
shall be treated as proceeds of such issue and the sum of such
products shall be treated as the total proceeds of such
issue, and
(iii) paragraph (1) of section 143(d) shall be applied by
substituting ''100 percent'' for ''95 percent or more''.
Clause (iii) shall not apply if the issuing authority submits a
plan to the Secretary for administering the 95-percent
requirement of section 143(d)(1) and the Secretary is satisfied
that such requirement will be met under such plan.
(d) Determination of certificate credit rate
For purposes of this section -
(1) In general
The certificate credit rate specified in any mortgage credit
certificate shall not be less than 10 percent or more than 50
percent.
(2) Aggregate limit on certificate credit rates
(A) In general
In the case of each qualified mortgage credit certificate
program, the sum of the products determined by multiplying -
(i) the certified indebtedness amount of each mortgage
credit certificate issued under such program, by
(ii) the certificate credit rate with respect to such
certificate,
shall not exceed 25 percent of the nonissued bond amount.
(B) Nonissued bond amount
For purposes of subparagraph (A), the term ''nonissued bond
amount'' means, with respect to any qualified mortgage credit
certificate program, the amount of qualified mortgage bonds
which the issuing authority is otherwise authorized to issue
and elects not to issue under subsection (c)(2)(A)(ii).
(e) Special rules and definitions
For purposes of this section -
(1) Carryforward of unused credit
(A) In general
If the credit allowable under subsection (a) for any taxable
year exceeds the applicable tax limit for such taxable year,
such excess shall be a carryover to each of the 3 succeeding
taxable years and, subject to the limitations of subparagraph
(B), shall be added to the credit allowable by subsection (a)
for such succeeding taxable year.
(B) Limitation
The amount of the unused credit which may be taken into
account under subparagraph (A) for any taxable year shall not
exceed the amount (if any) by which the applicable tax limit
for such taxable year exceeds the sum of -
(i) the credit allowable under subsection (a) for such
taxable year determined without regard to this paragraph, and
(ii) the amounts which, by reason of this paragraph, are
carried to such taxable year and are attributable to taxable
years before the unused credit year.
(C) Applicable tax limit.--For purposes of this
paragraph, the term `applicable tax limit' means--
(i) in the case of a taxable year to which
section 26(a)(2) applies, the limitation imposed
by section 26(a)(2) for the taxable year reduced
by the sum of the credits allowable under this
subpart (other than this section and sections 23,
25D, and 1400C), and
(ii) in the case of a taxable year to which
section 26(a)(2) does not apply, the limitation
imposed by section 26(a)(1) for the taxable year
reduced by the sum of the credits allowable under
this subpart (other than this section and sections
23, 24, 25B, 25D, and 1400C).
(2) Indebtedness not treated as certified where certain
requirements not in fact met
Subsection (a) shall not apply to any indebtedness if all the
requirements of subsection (c)(1), (d), (e), (f), and (i) of
section 143 and clauses (iv), (v), and (vii) of subsection
(c)(2)(A), were not in fact met with respect to such
indebtedness. Except to the extent provided in regulations, the
requirements described in the preceding sentence shall be treated
as met if there is a certification, under penalty of perjury,
that such requirements are met.
(3) Period for which certificate in effect
(A) In general
Except as provided in subparagraph (B), a mortgage credit
certificate shall be treated as in effect with respect to
interest attributable to the period -
(i) beginning on the date such certificate is issued, and
(ii) ending on the earlier of the date on which -
(I) the certificate is revoked by the issuing authority,
or
(II) the residence to which such certificate relates
ceases to be the principal residence of the individual to
whom the certificate relates.
(B) Certificate invalid unless indebtedness incurred within
certain period
A certificate shall not apply to any indebtedness which is
incurred after the close of the second calendar year following
the calendar year for which the issuing authority made the
applicable election under subsection (c)(2)(A)(ii).
(C) Notice to Secretary when certificate revoked
Any issuing authority which revokes any mortgage credit
certificate shall notify the Secretary of such revocation at
such time and in such manner as the Secretary shall prescribe
by regulations.
(4) Reissuance of mortgage credit certificates
The Secretary may prescribe regulations which allow the
administrator of a mortgage credit certificate program to reissue
a mortgage credit certificate specifying a certified mortgage
indebtedness that replaces the outstanding balance of the
certified mortgage indebtedness specified on the original
certificate to any taxpayer to whom the original certificate was
issued, under such terms and conditions as the Secretary
determines are necessary to ensure that the amount of the credit
allowable under subsection (a) with respect to such reissued
certificate is equal to or less than the amount of credit which
would be allowable under subsection (a) with respect to the
original certificate for any taxable year ending after such
reissuance.
(5) Public notice that certificates will be issued
At least 90 days before any mortgage credit certificate is to
be issued after a qualified mortgage credit certificate program,
the issuing authority shall provide reasonable public notice of -
(A) the eligibility requirements for such certificate,
(B) the methods by which such certificates are to be issued,
and
(C) such other information as the Secretary may require.
(6) Interest paid or accrued to related persons
No credit shall be allowed under subsection (a) for any
interest paid or accrued to a person who is a related person to
the taxpayer (within the meaning of section 144(a)(3)(A)).
(7) Principal residence
The term ''principal residence'' has the same meaning as when
used in section 121.
(8) Qualified rehabilitation and home improvement
(A) Qualified rehabilitation
The term ''qualified rehabilitation'' has the meaning given
such term by section 143(k)(5)(B).
(B) Qualified home improvement
The term ''qualified home improvement'' means an alteration,
repair, or improvement described in section 143(k)(4).
(9) Qualified mortgage bond
The term ''qualified mortgage bond'' has the meaning given such
term by section 143(a)(1).
(10) Manufactured housing
For purposes of this section, the term ''single family
residence'' includes any manufactured home which has a minimum of
400 square feet of living space and a minimum width in excess of
102 inches and which is of a kind customarily used at a fixed
location. Nothing in the preceding sentence shall be construed
as providing that such a home will be taken into account in
making determinations under section 143.
(f) Reduction in aggregate amount of qualified mortgage bonds which
may be issued where certain requirements not met
(1) In general
If for any calendar year any mortgage credit certificate
program which satisfies procedural requirements with respect to
volume limitations prescribed by the Secretary fails to meet the
requirements of paragraph (2) of subsection (d), such
requirements shall be treated as satisfied with respect to any
certified indebtedness of such program, but the applicable State
ceiling under subsection (d) of section 146 for the State in
which such program operates shall be reduced by 1.25 times the
correction amount with respect to such failure. Such reduction
shall be applied to such State ceiling for the calendar year
following the calendar year in which the Secretary determines the
correction amount with respect to such failure.
(2) Correction amount
(A) In general
For purposes of paragraph (1), the term ''correction amount''
means an amount equal to the excess credit amount divided by
0.25.
(B) Excess credit amount
(i) In general
For purposes of subparagraph (A)(ii), the term ''excess
credit amount'' means the excess of -
(I) the credit amount for any mortgage credit certificate
program, over
(II) the amount which would have been the credit amount
for such program had such program met the requirements of
paragraph (2) of subsection (d).
(ii) Credit amount
For purposes of clause (i), the term ''credit amount''
means the sum of the products determined under clauses (i)
and (ii) of subsection (d)(2)(A).
(3) Special rule for States having constitutional home rule
cities
In the case of a State having one or more constitutional home
rule cities (within the meaning of section 146(d)(3)(C)), the
reduction in the State ceiling by reason of paragraph (1) shall
be allocated to the constitutional home rule city, or to the
portion of the State not within such city, whichever caused the
reduction.
(4) Exception where certification program
The provisions of this subsection shall not apply in any case
in which there is a certification program which is designed to
ensure that the requirements of this section are met and which
meets such requirements as the Secretary may by regulations
prescribe.
(5) Waiver
The Secretary may waive the application of paragraph (1) in any
case in which he determines that the failure is due to reasonable
cause.
(g) Reporting requirements
Each person who makes a loan which is a certified indebtedness
amount under any mortgage credit certificate shall file a report
with the Secretary containing -
(1) the name, address, and social security account number of
the individual to which the certificate was issued,
(2) the certificate's issuer, date of issue, certified
indebtedness amount, and certificate credit rate, and
(3) such other information as the Secretary may require by
regulations.
Each person who issues a mortgage credit certificate shall file a
report showing such information as the Secretary shall by
regulations prescribe. Any such report shall be filed at such time
and in such manner as the Secretary may require by regulations.
(h) Regulations; contracts
(1) Regulations
The Secretary shall prescribe such regulations as may be
necessary to carry out the purposes of this section, including
regulations which may require recipients of mortgage credit
certificates to pay a reasonable processing fee to defray the
expenses incurred in administering the program.
(2) Contracts
The Secretary is authorized to enter into contracts with any
person to provide services in connection with the administration
of this section.
(i) Recapture of portion of Federal subsidy from use of mortgage
credit certificates
For provisions increasing the tax imposed by this chapter to
recapture a portion of the Federal subsidy from the use of
mortgage credit certificates, see section 143(m).
Sources
(Added Pub. L. 98-369, div. A, title VI, Sec. 612(a), July 18,
1984, 98 Stat. 905; amended Pub. L. 99-514, title XIII, Sec.
1301(f), title XVIII, Sec. 1862(a)-(d)(1), 1899A(1), Oct. 22, 1986,
100 Stat. 2655, 2883, 2884, 2958; Pub. L. 100-647, title I, Sec.
1013(a)(25), (26), title IV, Sec. 4005(a)(2), (g)(7), Nov. 10,
1988, 102 Stat. 3543, 3645, 3651; Pub. L. 101-239, title VII, Sec.
7104(b), Dec. 19, 1989, 103 Stat. 2305; Pub. L. 101-508, title XI,
Sec. 11408(b), Nov. 5, 1990, 104 Stat. 1388-477; Pub. L. 102-227,
title I, Sec. 108(b), Dec. 11, 1991, 105 Stat. 1688; Pub. L.
103-66, title XIII, Sec. 13141(b), Aug. 10, 1993, 107 Stat. 436;
Pub. L. 104-188, title I, Sec. 1807(c)(1), Aug. 20, 1996, 110 Stat.
1902; Pub. L. 105-34, title III, Sec. 312(d)(1), Aug. 5, 1997, 111
Stat. 839; Pub. L. 105-206, title VI, Sec. 6008(d)(7), July 22,
1998, 112 Stat. 812; Pub. L. 107-16, title II, Sec. 201(b)(2)(F),
title VI, Sec. 618(b)(2)(B), June 7, 2001, 115 Stat. 46, 108.)
Amendment of Section
AMENDMENT OF SECTION
For termination of amendment by section 901 of Pub. L. 107-16,
see Effective and Termination Dates of 2001 Amendment note below.
Miscellaneous
PRIOR PROVISIONS
A prior section 25 was renumbered section 26 of this title.
AMENDMENTS
2005 - P.L. 109-135
(C) Subparagraph (C) of section 25(e)(1) is amended to read
as follows:
``(C) Applicable tax limit.--For purposes of this
paragraph, the term `applicable tax limit' means--
``(i) in the case of a taxable year to which
section 26(a)(2) applies, the limitation imposed
by section 26(a)(2) for the taxable year reduced
by the sum of the credits allowable under this
subpart (other than this section and sections 23,
25D, and 1400C), and
``(ii) in the case of a taxable year to which
section 26(a)(2) does not apply, the limitation
imposed by section 26(a)(1) for the taxable year
reduced by the sum of the credits allowable under
this subpart (other than this section and sections
23, 24, 25B, 25D, and 1400C).''.
2001 - Subsec. (e)(1)(C). Pub. L. 107-16, Sec. 618(b)(2)(B), 901,
temporarily inserted ''25B,'' after ''24,''. See Effective and
Termination Dates of 2001 Amendment note below.
Pub. L. 107-16, Sec. 201(b)(2)(F), 901, temporarily inserted '',
24,'' after ''sections 23''. See Effective and Termination Dates of
2001 Amendment note below.
1998 - Subsec. (e)(1)(C). Pub. L. 105-206 substituted ''sections
23 and 1400C'' for ''section 23''.
1997 - Subsec. (e)(7). Pub. L. 105-34 substituted ''section 121''
for ''section 1034''.
1996 - Subsec. (e)(1)(C). Pub. L. 104-188 inserted ''and section
23'' after ''other than this section''.
1993 - Subsecs. (h) to (j). Pub. L. 103-66 redesignated subsecs.
(i) and (j) as (h) and (i), respectively, and struck out heading
and text of former subsec. (h). Text read as follows: ''No election
may be made under subsection (c)(2)(A)(ii) for any period after
June 30, 1992.''
1991 - Subsec. (h). Pub. L. 102-227 substituted ''June 30, 1992''
for ''December 31, 1991''.
1990 - Subsec. (h). Pub. L. 101-508 substituted ''December 31,
1991'' for ''September 30, 1990''.
1989 - Subsec. (h). Pub. L. 101-239 substituted ''for any period
after September 30, 1990'' for ''for any calendar year after
1989''.
1988 - Subsec. (c)(2)(A)(ii). Pub. L. 100-647, Sec. 1013(a)(25),
amended Pub. L. 99-514, Sec. 1301(f)(2)(C)(ii), see 1986 Amendment
note below.
Subsec. (h). Pub. L. 100-647, Sec. 4005(a)(2), substituted
''1989'' for ''1988''.
Pub. L. 100-647, Sec. 1013(a)(26), substituted ''1988'' for
''1987''.
Subsec. (j). Pub. L. 100-647, Sec. 4005(g)(7), added subsec. (j).
1986 - Subsec. (a)(1)(B). Pub. L. 99-514, Sec. 1862(d)(1),
substituted ''paid or accrued'' for ''paid or incurred''.
Subsec. (b)(2)(A)(ii). Pub. L. 99-514, Sec. 1301(f)(2)(A),
substituted ''section 143(k)(4)'' for ''section 103A(l)(6)''.
Subsec. (b)(2)(A)(iii). Pub. L. 99-514, Sec. 1301(f)(2)(B),
substituted ''section 143(k)(5)'' for ''section 103A(l)(7)''.
Subsec. (c)(2)(A). Pub. L. 99-514, Sec. 1301(f)(2)(E),
substituted ''section 143(a)(2)'' for ''section 103A(c)(2)'' in
provision following cl. (vii).
Pub. L. 99-514, Sec. 1862(b), inserted ''Under regulations, rules
similar to the rules of subparagraphs (B) and (C) of section
103A(c)(2) shall apply to the requirements of this subparagraph.''
Subsec. (c)(2)(A)(ii). Pub. L. 99-514, Sec. 1301(f)(2)(C)(ii), as
amended by Pub. L. 100-647, Sec. 1013(a)(25), substituted ''private
activity bonds which it may otherwise issue during such calendar
year under section 146'' for ''qualified mortgage bonds which it
may otherwise issue during such calendar year under section 103A''.
Subsec. (c)(2)(A)(iii). Pub. L. 99-514, Sec. 1301(f)(2)(C)(i),
substituted ''section 143'' for ''section 103A'' in introductory
provisions, added subcls. (I) to (VI), and struck out former
subcls. (I) to (V) which read as follows:
''(I) subsection (d) (relating to residence requirements),
''(II) subsection (e) (relating to 3-year requirement),
''(III) subsection (f) (relating to purchase price requirement),
''(IV) subsection (h) (relating to portion of loans required to
be placed in targeted areas), and
''(V) subsection (j), other than paragraph (2) thereof (relating
to other requirements),''.
Subsec. (c)(2)(A)(iii)(V). Pub. L. 99-514, Sec. 1862(a),
substituted ''subsection (j), other than paragraph (2) thereof''
for ''paragraph (1) of subsection (j)''.
Subsec. (c)(2)(B). Pub. L. 99-514, Sec. 1301(f)(2)(C)(i),
substituted in heading and introductory provisions ''section 143''
for ''section 103A''.
Pub. L. 99-514, Sec. 1301(f)(2)(F), inserted in introductory
provisions reference to subcl. (V), added cl. (iii) and closing
provisions, and struck out former cl. (iii) and closing provisions
which read as follows:
''(iii) paragraph (1) of section 103A(e) shall be applied by
substituting '100 percent' for '90 percent or more'.
Clause (iii) shall not apply if the issuing authority submits a
plan to the Secretary for administering the 90-percent requirement
of section 103A(e)(1) and the Secretary is satisfied that such
requirement will be met under such plan.''
Subsec. (d)(2)(A). Pub. L. 99-514, Sec. 1301(f)(1)(A),
substituted ''25 percent'' for ''20 percent'' in concluding
provisions.
Subsec. (d)(3). Pub. L. 99-514, Sec. 1301(f)(2)(G), struck out
par. (3) ''Additional limit in certain cases'' which read as
follows: ''In the case of a qualified mortgage credit certificate
program in a State which -
''(A) has a State ceiling (as defined in section 103A(g)(4))
for the year an election is made that exceeds 20 percent of the
average annual aggregate principal amount of mortgages executed
during the immediately preceding 3 calendar years for single
family owner-occupied residences located within the jurisdiction
of such State, or
''(B) issued qualified mortgage bonds in an aggregate amount
less than $150,000,000 for calendar year 1983,
the certificate credit rate for any mortgage credit certificate
shall not exceed 20 percent unless the issuing authority submits a
plan to the Secretary to ensure that the weighted average of the
certificate credit rates in such mortgage credit certificate
program does not exceed 20 percent and the Secretary approves such
plan.''
Subsec. (e)(1)(B). Pub. L. 99-514, Sec. 1862(c), amended subpar.
(B) generally. Prior to amendment, subpar. (B) ''Limitations''
read as follows: ''The amount of the unused credit which may be
taken into account under subparagraph (A) for any taxable year
shall not exceed the amount by which the applicable tax limit for
such taxable year exceeds the sum of the amounts which, by reason
of this paragraph, are carried to such taxable year and are
attributable to taxable years before the unused credit year.''
Subsec. (e)(2). Pub. L. 99-514, Sec. 1301(f)(2)(H), substituted
''subsections (c)(1), (d), (e), (f), and (i) of section 143'' for
''subsection (d)(1), (e), (f), and (j) of section 103A''.
Subsec. (e)(6). Pub. L. 99-514, Sec. 1301(f)(2)(I), substituted
''section 144(a)(3)(A)'' for ''section 103(b)(6)(C)(i)''.
Subsec. (e)(8)(A). Pub. L. 99-514, Sec. 1301(f)(2)(J),
substituted ''section 143(k)(5)(B)'' for ''section 103A(l)(7)(B)''.
Subsec. (e)(8)(B). Pub. L. 99-514, Sec. 1301(f)(2)(K),
substituted ''section 143(k)(4)'' for ''section 103A(l)(6)''.
Subsec. (e)(9). Pub. L. 99-514, Sec. 1301(f)(2)(L), substituted
''section 143(a)(1)'' for ''section 103A(c)(1)''.
Subsec. (e)(10). Pub. L. 99-514, Sec. 1301(f)(2)(M), substituted
''section 143'' for ''section 103A''.
Subsec. (f)(1). Pub. L. 99-514, Sec. 1301(f)(2)(N), substituted
''subsection (d) of section 146'' for ''paragraph (4) of section
103A(g)''.
Subsec. (f)(2)(A). Pub. L. 99-514, Sec. 1301(f)(1)(B),
substituted ''0.25'' for ''0.20''.
Subsec. (f)(3). Pub. L. 99-514, Sec. 1301(f)(2)(O), substituted
''section 146(d)(3)(C)'' for ''section 103A(g)(5)(C)''.
Subsec. (f)(4). Pub. L. 99-514, Sec. 1899A(1), substituted
''ensure'' for ''insure''.
EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT
Amendment by section 201(b)(2)(F) of Pub. L. 107-16 applicable to
taxable years beginning after Dec. 31, 2001, see section 201(e)(2)
of Pub. L. 107-16, set out as a note under section 24 of this
title.
Amendment by section 618(b)(2)(B) of Pub. L. 107-16 applicable to
taxable years beginning after Dec. 31, 2001, see section 618(d) of
Pub. L. 107-16, set out as a note under section 24 of this title.
Amendment by Pub. L. 107-16 inapplicable to taxable, plan, or
limitation years beginning after Dec. 31, 2010, and the Internal
Revenue Code of 1986 to be applied and administered to such years
as if such amendment had never been enacted, see section 901 of
Pub. L. 107-16, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1998 AMENDMENT
Amendment by Pub. L. 105-206 effective, except as otherwise
provided, as if included in the provisions of the Taxpayer Relief
Act of 1997, Pub. L. 105-34, to which such amendment relates, see
section 6024 of Pub. L. 105-206, set out as a note under section 1
of this title.
EFFECTIVE DATE OF 1997 AMENDMENT
Amendment by Pub. L. 105-34 applicable to sales and exchanges
after May 6, 1997, with certain exceptions, see section 312(d) of
Pub. L. 105-34, set out as a note under section 121 of this title.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104-188 applicable to taxable years
beginning after Dec. 31, 1996, see section 1807(e) of Pub. L.
104-188, set out as an Effective Date note under section 23 of this
title.
EFFECTIVE DATE OF 1993 AMENDMENT
Section 13141(f)(2) of Pub. L. 103-66 provided that: ''The
amendment made by subsection (b) (amending this section) shall
apply to elections for periods after June 30, 1992.''
EFFECTIVE DATE OF 1991 AMENDMENT
Section 108(c)(2) of Pub. L. 102-227 provided that: ''The
amendment made by subsection (b) (amending this section) shall
apply to elections for periods after December 31, 1991.''
EFFECTIVE DATE OF 1990 AMENDMENT
Amendment by Pub. L. 101-508 applicable to elections for periods
after Sept. 30, 1990, see section 11408(d)(2) of Pub. L. 101-508,
set out as a note under section 143 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by section 1013(a)(25), (26) of Pub. L. 100-647
effective, except as otherwise provided, as if included in the
provision of the Tax Reform Act of 1986, Pub. L. 99-514, to which
such amendment relates, see section 1019(a) of Pub. L. 100-647, set
out as a note under section 1 of this title.
Amendment by section 4005(a)(2) of Pub. L. 100-647 applicable to
bonds issued, and nonissued bond amounts elected, after Dec. 31,
1988, see section 4005(h)(1) of Pub. L. 100-647, set out as a note
under section 143 of this title.
Amendment by section 4005(g)(7) of Pub. L. 100-647 applicable to
financing provided, and mortgage credit certificates issued, after
Dec. 31, 1990, with certain exceptions, see section 4005(h)(3) of
Pub. L. 100-647, set out as a note under section 143 of this title.
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 1301(f)(1) of Pub. L. 99-514 applicable to
nonissued bond amounts elected after Aug. 15, 1986, and amendment
by section 1301(f)(2) of Pub. L. 99-514 applicable to certificates
issued with respect to nonissued bond amounts elected after Aug.
15, 1986, see section 1311(b) of Pub. L. 99-514, as amended, set
out as an Effective Date; Transitional Rules note under section 141
of this title.
Amendment by section 1862(a)-(d)(1) of Pub. L. 99-514 effective,
except as otherwise provided, as if included in the provisions of
the Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such
amendment relates, see section 1881 of Pub. L. 99-514, set out as a
note under section 48 of this title.
EFFECTIVE DATE
Section 612(g) of Pub. L. 98-369, as amended by Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
''(1) In general. - Except as otherwise provided in this
subsection, the amendments made by this section (enacting this
section and section 6708 of this title, redesignating former
section 25 as 26, and amending sections 23, 28 to 30, 38, 55, 103A,
163, 168, and 901 of this title) shall apply to interest paid or
accrued after December 31, 1984, on indebtedness incurred after
December 31, 1984.
''(2) Elections. - The amendments made by this section shall
apply to elections under section 25(c)(2)(A)(ii) of the Internal
Revenue Code of 1986 (formerly I.R.C. 1954) (as added by this
section) for calendar years after 1983.''
PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989
For provisions directing that if any amendments made by subtitle
A or subtitle C of title XI (Sec. 1101-1147 and 1171-1177) or title
XVIII (Sec. 1800-1899A) of Pub. L. 99-514 require an amendment to
any plan, such plan amendment shall not be required to be made
before the first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99-514, as amended, set out as a note under
section 401 of this title.
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 143, 146, 163, 6708 of
this title; title 42 section 12852.
