12 2 STA T .39 13 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8(A)Sections140 0 Q, 1400S( b ), a n d 1400S(d) o f t h e I nte r na lR e v en u e C odeof1 986. ( B ) Sections 3 0 2 , 401, and 40 5 of the K atrina Em er -g enc yT a x Relief Act of 2005. (c) R EF E R E NC E S . — (1) ARE A .—Any reference in such p rovisions to the H urri- cane Katrina disaster area or the G ulf O pportunity Z one shall be treated as a reference to any M id w estern disaster area and any reference to the Hurricane Katrina disaster area or the Gulf Opportunity Zone within a State shall be treated as a reference to all Midwestern disaster areas within the State. (2) I T E M S ATTR IBU TAB L ET OD ISASTER.—Any reference in such provisions to any loss, damage, or other item attributable to Hurricane Katrina shall be treated as a reference to any loss, damage, or other item attributable to the severe storms, tornados, or flooding giving rise to any P residential declaration described in subsection (b)(1)(A). (3) A P PLICABLE DISASTER DATE.— F or purposes of applying the substitutions described in subsections (d) and (e), the term ‘ ‘applicable disaster date ’ ’ means, with respect to any Mid- western disaster area, the date on which the severe storms, tornados, or flooding giving rise to the Presidential declaration described in subsection (b)(1)(A) occurred. (d) MODIFICATIONS TO 1986 CODE.—The following provisions of the Internal Revenue Code of 1986 shall be applied with the following modifications
(1) TA X -EXEMPT BOND FINANCIN G .—Section 1400 N (a)— (A) by substituting ‘‘ q ualified Midwestern disaster area bond’’ for ‘‘qualified Gulf Opportunity Zone Bond’’ each place it appears, except that in determining whether a bond is a qualified Midwestern disaster area bond— (i) paragraph (2)(A)(i) shall be applied by only treating costs as qualified pro j ect costs if— (I) in the case of a project involving a private business use (as defined in section 141(b)(6)), either the person using the property suffered a loss in a trade or business attributable to the severe storms, tornados, or flooding giving rise to any Presidential declaration described in sub- section (b)(1)(A) or is a person designated for pur- poses of this section by the Governor of the State in which the project is located as a person carrying on a trade or business replacing a trade or business with respect to which another person suffered such a loss, and (II) in the case of a project relating to public utility property, the project involves repair or reconstruction of public utility property damaged by such severe storms, tornados, or flooding, and (ii) paragraph (2)(A)(ii) shall be applied by treating an issue as a qualified mortgage issue only if 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of the issue are to be used to provide financing for mortgagors who suffered damages to their principal residences attributable to such severe storms, tornados, or flooding. Ap p licab ili ty.
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