PUBLIC LAW 109–432—DEC. 20, 2006
120 STAT. 2939
an extension has been obtained under paragraph (2), by the close of the extended period), the issuer shall redeem all of the nonqualified bonds within 90 days after the end of such period. For purposes of this paragraph, the amount of the nonqualified bonds required to be redeemed shall be determined in the same manner as under section 142. ‘‘(g) SPECIAL RULES RELATING TO ARBITRAGE.—An issue shall be treated as meeting the requirements of this subsection if the issuer satisfies the arbitrage requirements of section 148 with respect to proceeds of the issue. ‘‘(h) REPORTING.—Issuers of qualified academy zone bonds shall submit reports similar to the reports required under section 149(e).’’. (2) CONFORMING AMENDMENTS.—Sections 54(l)(3)(B) and 1400N(l)(7)(B)(ii) are each amended by striking ‘‘section 1397E(i)’’ and inserting ‘‘section 1397E(l)’’. (c) EFFECTIVE DATES.— (1) EXTENSION.—The amendment made by subsection (a) shall apply to obligations issued after December 31, 2005. (2) SPECIAL RULES.—The amendments made by subsection (b) shall apply to obligations issued after the date of the enactment of this Act pursuant to allocations of the national zone academy bond limitation for calendar years after 2005.
26 USC 54, 1400N. 26 USC 1397E note.
SEC. 108. ABOVE-THE-LINE DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.
(a) IN GENERAL.—Subparagraph (D) of section 62(a)(2) is amended by striking ‘‘or 2005’’ and inserting ‘‘2005, 2006, or 2007’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2005. SEC.
109.
EXTENSION AND EXPANSION OF BROWNFIELDS REMEDIATION COSTS.
EXPENSING
26 USC 62 note.
OF
(a) EXTENSION.—Subsection (h) of section 198 is amended by striking ‘‘2005’’ and inserting ‘‘2007’’. (b) EXPANSION.—Section 198(d)(1) (defining hazardous substance) is amended by striking ‘‘and’’ at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ‘‘, and’’, and by adding at the end the following new subparagraph: ‘‘(C) any petroleum product (as defined in section 4612(a)(3)).’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to expenditures paid or incurred after December 31, 2005.
26 USC 198 note.
SEC. 110. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.
(a) DESIGNATION OF ZONE.— (1) IN GENERAL.—Subsection (f) of section 1400 is amended by striking ‘‘2005’’ both places it appears and inserting ‘‘2007’’. (2) EFFECTIVE DATE.—The amendments made by this subsection shall apply to periods beginning after December 31, 2005. (b) TAX-EXEMPT ECONOMIC DEVELOPMENT BONDS.— (1) IN GENERAL.—Subsection (b) of section 1400A is amended by striking ‘‘2005’’ and inserting ‘‘2007’’. (2) EFFECTIVE DATE.—The amendment made by this subsection shall apply to bonds issued after December 31, 2005.
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26 USC 1400 note.
26 USC 1400A note.
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