112 STAT. 2681-903 PUBLIC LAW 105-277—OCT. 21, 1998 by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year. ". (c) COORDINATION WITH FARM DISASTER LOSSES. —Clause (ii) of section 172(b)(1)(F) is amended by adding at the end the following flush sentence: "Such term shall not include any farming loss (as defined in subsection (i)).". Applicability. (d) EFFECTIVE DATE. —The amendments made by this section 26 USC 172 note, shall apply to net operating losses for taxable years beginning after December 31, 1997. Subtitle C—Miscellaneous Provisions SEC. 2021. INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY BONDS. (a) IN GENERAL.— Subsection (d) of section 146 (relating to volume cap) is amended by striking paragraphs (1) and (2) and inserting the following new paragraphs: "(1) IN GENERAL.—The State ceiling applicable to any State for any calendar year shall be the greater of— "(A) an amount equal to the per capita limit for such year multiplied by the State population, or "(B) the aggregate limit for such year. Subparagraph (B) shall not apply to any possession of the United States. "(2) PER CAPITA LIMIT; AGGREGATE LIMIT.— For purposes of paragraph (1), the per capita limit, and the aggregate limit, for any calendar year shall be determined in accordance with the following table: Calendar Year ^^LSIS^*" Aggregate Limit 1999 through 2002 $50 $150,00.0,000 2003 55 165,000,000 2004 60 180,000,000 2005 65 195,000,000 2006 70 210,000,000 2007 and thereafter 75 225,000,000. " 26 USC l46note. (b) EFFECTIVE DATE. —The amendment made by this section shall apply to calendar years after 1998. 26 USC 168 note. SEC. 2022. DEPRECIATION STUDY. The Secretary of the Treasury (or the Secretary's delegate)— (1) shall conduct a comprehensive study of the recovery periods and depreciation methods under section 168 of the Internal Revenue Code of 1986, and (2) not later than March 31, 2000, shall submit the results of such study, together with recommendations for determining such periods and methods in a more rational manner, to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.
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