Code Section 54E
| Code Section | Effective Date | Name of Act | Name of Provision | 10yr Revenue Estimate ($millions) |
|---|---|---|---|---|
| 54E | 12/31/2011 | The American Taxpayer Relief Act of 2012 | Qualified zone academy bonds | -235 |
| 54E | 12/31/2010 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Qualified zone academy bonds | -151 |
| 54E | 12/31/2008 | The American Recovery and Reinvestment Act of 2009 (Public Law 111-5) | Extend and expand qualified zone academy bonds | -1,045 |
Qualified zone academy bonds
Explanation of Provision
The provision extends the qualified zone academy bond program for two years. The proposal authorizes issuance of up to $400 million of qualified zone academy bonds per year for 2012 and 2013.
The issuer election to receive a payment in lieu of providing a tax credit to the holder of the qualified zone academy bond is not available for bonds issued with the 2012 or 2013 national limitations.398 The proposal has no effect on bonds issued with limitation carried forward from 2009 or 2010.
Qualified zone academy bonds
Explanation of Provision
In general
The provision extends the qualified zone academy bond program for one year. The provision authorizes issuance of up to $400 million of qualified zone academy bonds for 2011. The issuer election to receive a payment in lieu of providing a tax credit to the holder of the qualified zone academy bond is not available for bonds issued with the 2011 national limitation. The provision has no effect on bonds issued with limitation carried forward from 2009 or 2010.
Extend and expand qualified zone academy bonds
Explanation of Provision185
In General
The provision extends and expands the present-law qualifiedzone academy bond program. The provision authorizes issuance of up to $1.4 billion of qualified zone academy bonds annually for 2009 and 2010, respectively.
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185- Section 301 of the Hiring Incentives to Restore Employment Act, Pub. L. No. 111–147, added a provision to section 6431, allowing the issuer of the bonds to elect to receive a direct payment from the Treasury in lieu of providing a tax credit to the holders of the bonds. For further discussion, see Part Seven of this document. Also qualified zone academy bonds were further amended in section 758 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. No. 111–312, described in Part Sixteen of this document.
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398- A technical correction to section 6431(f) of the Code may be needed so that the statute reflects this intent.
-Return to Explanation of Provision