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United States Code (Last Updated: May 24, 2014) |
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Title 26. INTERNAL REVENUE CODE |
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SubTitle A. Income Taxes |
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Chapter 1. NORMAL TAXES AND SURTAXES |
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SubChapter Y. Short-Term Regional Benefits |
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Part II. TAX BENEFITS FOR GO ZONES |
§ 1400N. Tax benefits for Gulf Opportunity Zone
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(a) Tax-exempt bond financing (1) In general For purposes of this title— (A) any qualified Gulf Opportunity Zone Bond described in paragraph (2)(A)(i) shall be treated as an exempt facility bond, and (B) any qualified Gulf Opportunity Zone Bond described in paragraph (2)(A)(ii) shall be treated as a qualified mortgage bond. (2) Qualified Gulf Opportunity Zone Bond For purposes of this subsection, the term “qualified Gulf Opportunity Zone Bond” means any bond issued as part of an issue if— (A) (i) 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of such issue are to be used for qualified project costs, or (ii) such issue meets the requirements of a qualified mortgage issue, except as otherwise provided in this subsection, (B) such bond is issued by the State of Alabama, Louisiana, or Mississippi, or any political subdivision thereof, (C) such bond is designated for purposes of this section by— (i) in the case of a bond which is required under State law to be approved by the bond commission of such State, such bond commission, and (ii) in the case of any other bond, the Governor of such State, (D) such bond is issued after the date of the enactment of this section and before January 1, 2012 , and(E) no portion of the proceeds of such issue is to be used to provide any property described in section 144(c)(6)(B). (3) Limitations on bonds (A) Aggregate amount designated The maximum aggregate face amount of bonds which may be designated under this subsection with respect to any State shall not exceed the product of $2,500 multiplied by the portion of the State population which is in the Gulf Opportunity Zone (as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before
August 28, 2005 ).(B) Movable property No bonds shall be issued which are to be used for movable fixtures and equipment.
(4) Qualified project costs For purposes of this subsection, the term “qualified project costs” means— (A) the cost of any qualified residential rental project (as defined in section 142(d)) located in the Gulf Opportunity Zone, and (B) the cost of acquisition, construction, reconstruction, and renovation of— (i) nonresidential real property (including fixed improvements associated with such property) located in the Gulf Opportunity Zone, and (ii) public utility property (as defined in section 168(i)(10)) located in the Gulf Opportunity Zone. (5) Special rules In applying this title to any qualified Gulf Opportunity Zone Bond, the following modifications shall apply: (A) Section 142(d)(1) (defining qualified residential rental project) shall be applied— (i) by substituting “60 percent” for “50 percent” in subparagraph (A) thereof, and (ii) by substituting “70 percent” for “60 percent” in subparagraph (B) thereof. (B) Section 143 (relating to mortgage revenue bonds: qualified mortgage bond and qualified veterans’ mortgage bond) shall be applied— (i) only with respect to owner-occupied residences in the Gulf Opportunity Zone, (ii) by treating any such residence in the Gulf Opportunity Zone as a targeted area residence, (iii) by applying subsection (f)(3) thereof without regard to subparagraph (A) thereof, and (iv) by substituting “$150,000” for “$15,000” in subsection (k)(4) thereof. (C) Except as provided in section 143, repayments of principal on financing provided by the issue of which such bond is a part may not be used to provide financing. (D) Section 146 (relating to volume cap) shall not apply. (E) Section 147(d)(2) (relating to acquisition of existing property not permitted) shall be applied by substituting “50 percent” for “15 percent” each place it appears. (F) Section 148(f)(4)(C) (relating to exception from rebate for certain proceeds to be used to finance construction expenditures) shall apply to the available construction proceeds of bonds which are part of an issue described in paragraph (2)(A)(i). (G) Section 57(a)(5) (relating to tax-exempt interest) shall not apply. (6) Separate issue treatment of portions of an issue This subsection shall not apply to the portion of an issue which (if issued as a separate issue) would be treated as a qualified bond or as a bond that is not a private activity bond (determined without regard to paragraph (1)), if the issuer elects to so treat such portion.
(7) Special rule for repairs and reconstructions (A) In general For purposes of section 143 and this subsection, any qualified GO Zone repair or reconstruction shall be treated as a qualified rehabilitation.
(B) Qualified Go Zone repair or reconstruction For purposes of subparagraph (A), the term “qualified GO Zone repair or reconstruction” means any repair of damage caused by Hurricane Katrina, Hurricane Rita, or Hurricane Wilma to a building located in the Gulf Opportunity Zone, the Rita GO Zone, or the Wilma GO Zone (or reconstruction of such building in the case of damage constituting destruction) if the expenditures for such repair or reconstruction are 25 percent or more of the mortgagor’s adjusted basis in the residence. For purposes of the preceding sentence, the mortgagor’s adjusted basis shall be determined as of the completion of the repair or reconstruction or, if later, the date on which the mortgagor acquires the residence.
(C) Termination This paragraph shall apply only to owner-financing provided after the date of the enactment of this paragraph and before
January 1, 2012 .(8) Inclusion of certain counties For purposes of this subsection, the Gulf Opportunity Zone includes Colbert County, Alabama and Dallas County, Alabama.
(b) Advance refundings of certain tax-exempt bonds (1) In general With respect to a bond described in paragraph (3), one additional advance refunding after the date of the enactment of this section and before January 1, 2011 , shall be allowed under the applicable rules of section 149(d) if—(A) the Governor of the State designates the advance refunding bond for purposes of this subsection, and (B) the requirements of paragraph (5) are met. (2) Certain private activity bonds With respect to a bond described in paragraph (3) which is an exempt facility bond described in paragraph (1) or (2) of section 142(a), one advance refunding after the date of the enactment of this section and before
January 1, 2011 , shall be allowed under the applicable rules of section 149(d) (notwithstanding paragraph (2) thereof) if the requirements of subparagraphs (A) and (B) of paragraph (1) are met.(3) Bonds described A bond is described in this paragraph if such bond was outstanding on
August 28, 2005 , and is issued by the State of Alabama, Louisiana, or Mississippi, or a political subdivision thereof.(4) Aggregate limit The maximum aggregate face amount of bonds which may be designated under this subsection by the Governor of a State shall not exceed— (A) $4,500,000,000 in the case of the State of Louisiana, (B) $2,250,000,000 in the case of the State of Mississippi, and (C) $1,125,000,000 in the case of the State of Alabama. (5) Additional requirements The requirements of this paragraph are met with respect to any advance refunding of a bond described in paragraph (3) if— (A) no advance refundings of such bond would be allowed under this title on or after August 28, 2005 ,(B) the advance refunding bond is the only other outstanding bond with respect to the refunded bond, and (C) the requirements of section 148 are met with respect to all bonds issued under this subsection. (6) Use of proceeds requirement This subsection shall not apply to any advance refunding of a bond which is issued as part of an issue if any portion of the proceeds of such issue (or any prior issue) was (or is to be) used to provide any property described in section 144(c)(6)(B).
(c) Low-income housing credit (1) Additional housing credit dollar amount for Gulf Opportunity Zone (A) In general For purposes of section 42, in the case of calendar years 2006, 2007, and 2008, the State housing credit ceiling of each State, any portion of which is located in the Gulf Opportunity Zone, shall be increased by the lesser of— (i) the aggregate housing credit dollar amount allocated by the State housing credit agency of such State to buildings located in the Gulf Opportunity Zone for such calendar year, or (ii) the Gulf Opportunity housing amount for such State for such calendar year. (B) Gulf Opportunity housing amount For purposes of subparagraph (A), the term “Gulf Opportunity housing amount” means, for any calendar year, the amount equal to the product of $18.00 multiplied by the portion of the State population which is in the Gulf Opportunity Zone (as determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before
August 28, 2005 ).(C) Allocations treated as made first from additional allocation amount for purposes of determining carryover For purposes of determining the unused State housing credit ceiling under section 42(h)(3)(C) for any calendar year, any increase in the State housing credit ceiling under subparagraph (A) shall be treated as an amount described in clause (ii) of such section.
(2) Additional housing credit dollar amount for Texas and Florida For purposes of section 42, in the case of calendar year 2006, the State housing credit ceiling of Texas and Florida shall each be increased by $3,500,000.
(3) Difficult development area (A) In general For purposes of section 42, in the case of property placed in service during the period beginning on January 1, 2006 , and ending onDecember 31, 2010 , the Gulf Opportunity Zone, the Rita GO Zone, and the Wilma GO Zone—(i) shall be treated as difficult development areas designated under subclause (I) of section 42(d)(5)(C)(iii), for the taxable year such property is placed in service. (v) Any deduction allowable under this chapter for repair expenses (including expenses for removal of debris) paid or incurred after August 27, 2005 , and beforeJanuary 1, 2008 , with respect to any damage attributable to Hurricane Katrina and in connection with property which is located in the Gulf Opportunity Zone.(3) Qualified Gulf Opportunity Zone casualty loss (A) In general For purposes of paragraph (2)(B)(i), the term “qualified Gulf Opportunity Zone casualty loss” means any uncompensated section 1231 loss (as defined in section 1231(a)(3)(B)) of property located in the Gulf Opportunity Zone if— (i) such loss is allowed as a deduction under section 165 for the taxable year, and (ii) such loss is by reason of Hurricane Katrina. (B) Reduction for gains from involuntary conversion The amount of qualified Gulf Opportunity Zone casualty loss which would (but for this subparagraph) be taken into account under subparagraph (A) for any taxable year shall be reduced by the amount of any gain recognized by the taxpayer for such year from the involuntary conversion by reason of Hurricane Katrina of property located in the Gulf Opportunity Zone.
(C) Coordination with general disaster loss rules Section 165(i) shall not apply to any qualified Gulf Opportunity Zone casualty loss to the extent such loss is taken into account under this subsection.
(4) Special rules For purposes of paragraph (1), rules similar to the rules of paragraphs (2) and (3) of section 172(i) shall apply with respect to such portion.
(l) Credit to holders of Gulf tax credit bonds (1) Allowance of credit If a taxpayer holds a Gulf tax credit bond on one or more credit allowance dates of the bond occurring during any taxable year, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the credits determined under paragraph (2) with respect to such dates.
(2) Amount of credit (A) In general The amount of the credit determined under this paragraph with respect to any credit allowance date for a Gulf tax credit bond is 25 percent of the annual credit determined with respect to such bond.
(B) Annual credit The annual credit determined with respect to any Gulf tax credit bond is the product of— (i) the credit rate determined by the Secretary under subparagraph (C) for the day on which such bond was sold, multiplied by (ii) the outstanding face amount of the bond. (C) Determination For purposes of subparagraph (B), with respect to any Gulf tax credit bond, the Secretary shall determine daily or cause to be determined daily a credit rate which shall apply to the first day on which there is a binding, written contract for the sale or exchange of the bond. The credit rate for any day is the credit rate which the Secretary or the Secretary’s designee estimates will permit the issuance of Gulf tax credit bonds with a specified maturity or redemption date without discount and without interest cost to the issuer.
(D) Credit allowance date For purposes of this subsection, the term “credit allowance date” means March 15, June 15, September 15, and December 15. Such term also includes the last day on which the bond is outstanding.
(E) Special rule for issuance and redemption In the case of a bond which is issued during the 3-month period ending on a credit allowance date, the amount of the credit determined under this paragraph with respect to such credit allowance date shall be a ratable portion of the credit otherwise determined based on the portion of the 3-month period during which the bond is outstanding. A similar rule shall apply when the bond is redeemed or matures.
(3) Limitation based on amount of tax The credit allowed under paragraph (1) for any taxable year shall not exceed the excess of— (A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over (B) the sum of the credits allowable under part IV of subchapter A (other than subparts C, I, and J and this subsection). (4) Gulf tax credit bond For purposes of this subsection— (A) In general The term “Gulf tax credit bond” means any bond issued as part of an issue if— (i) the bond is issued by the State of Alabama, Louisiana, or Mississippi, (ii) 95 percent or more of the proceeds of such issue are to be used to— (I) pay principal, interest, or premiums on qualified bonds issued by such State or any political subdivision of such State, or (II) make a loan to any political subdivision of such State to pay principal, interest, or premiums on qualified bonds issued by such political subdivision, (iii) the Governor of such State designates such bond for purposes of this subsection, (iv) the bond is a general obligation of such State and is in registered form (within the meaning of section 149(a)), (v) the maturity of such bond does not exceed 2 years, and (vi) the bond is issued after December 31, 2005 , and beforeJanuary 1, 2007 .(B) State matching requirement A bond shall not be treated as a Gulf tax credit bond unless— (i) the issuer of such bond pledges as of the date of the issuance of the issue an amount equal to the face amount of such bond to be used for payments described in subclause (I) of subparagraph (A)(ii), or loans described in subclause (II) of such subparagraph, as the case may be, with respect to the issue of which such bond is a part, and (ii) any such payment or loan is made in equal amounts from the proceeds of such issue and from the amount pledged under clause (i). The requirement of clause (ii) shall be treated as met with respect to any such payment or loan made during the 1-year period beginning on the date of the issuance (or any successor 1-year period) if such requirement is met when applied with respect to the aggregate amount of such payments and loans made during such period. (C) Aggregate limit on bond designations The maximum aggregate face amount of bonds which may be designated under this subsection by the Governor of a State shall not exceed— (i) $200,000,000 in the case of the State of Louisiana, (ii) $100,000,000 in the case of the State of Mississippi, and (iii) $50,000,000 in the case of the State of Alabama. (D) Special rules relating to arbitrage A bond which is part of an issue shall not be treated as a Gulf tax credit bond unless, with respect to the issue of which the bond is a part, the issuer satisfies the arbitrage requirements of section 148 with respect to proceeds of the issue and any loans made with such proceeds.
(5) Qualified bond For purposes of this subsection— (A) In general The term “qualified bond” means any obligation of a State or political subdivision thereof which was outstanding on
August 28, 2005 .(B) Exception for private activity bonds Such term shall not include any private activity bond.
(C) Exception for advance refundings Such term shall not include any bond with respect to which there is any outstanding refunded or refunding bond during the period in which a Gulf tax credit bond is outstanding with respect to such bond.
(D) Use of proceeds requirement Such term shall not include any bond issued as part of an issue if any portion of the proceeds of such issue was (or is to be) used to provide any property described in section 144(c)(6)(B).
(6) Credit included in gross income Gross income includes the amount of the credit allowed to the taxpayer under this subsection (determined without regard to paragraph (3)) and the amount so included shall be treated as interest income.
(7) Other definitions and special rules For purposes of this subsection— (A) Bond The term “bond” includes any obligation.
(B) Partnership; S corporation; and other pass-thru entities (i) In general Under regulations prescribed by the Secretary, in the case of a partnership, trust, S corporation, or other pass-thru entity, rules similar to the rules of section 41(g) shall apply with respect to the credit allowable under paragraph (1).
(ii) No basis adjustment In the case of a bond held by a partnership or an S corporation, rules similar to the rules under section 1397E(l) shall apply.
(C) Bonds held by regulated investment companies If any Gulf tax credit bond is held by a regulated investment company, the credit determined under paragraph (1) shall be allowed to shareholders of such company under procedures prescribed by the Secretary.
(D) Reporting Issuers of Gulf tax credit bonds shall submit reports similar to the reports required under section 149(e).
(E) Credit treated as nonrefundable bondholder credit For purposes of this title, the credit allowed by this subsection shall be treated as a credit allowable under subpart H of part IV of subchapter A of this chapter.
(m) Application of new markets tax credit to investments in community development entities serving Gulf Opportunity Zone For purposes of section 45D— (1) a qualified community development entity shall be eligible for an allocation under subsection (f)(2) thereof of the increase in the new markets tax credit limitation described in paragraph (2) only if a significant mission of such entity is the recovery and redevelopment of the Gulf Opportunity Zone, (2) the new markets tax credit limitation otherwise determined under subsection (f)(1) thereof shall be increased by an amount equal to— (A) $300,000,000 for 2005 and 2006, to be allocated among qualified community development entities to make qualified low-income community investments within the Gulf Opportunity Zone, and (B) $400,000,000 for 2007, to be so allocated, and (3) subsection (f)(3) thereof shall be applied separately with respect to the amount of the increase under paragraph (2). (n) Treatment of representations regarding income eligibility for purposes of qualified residential rental project requirements For purposes of determining if any residential rental project meets the requirements of section 142(d)(1) and if any certification with respect to such project meets the requirements under section 142(d)(7), the operator of the project may rely on the representations of any individual applying for tenancy in such project that such individual’s income will not exceed the applicable income limits of section 142(d)(1) upon commencement of the individual’s tenancy if such tenancy begins during the 6-month period beginning on and after the date such individual was displaced by reason of Hurricane Katrina.
(o) Treatment of public utility property disaster losses (1) In general Upon the election of the taxpayer, in the case of any eligible public utility property loss— (A) section 165(i) shall be applied by substituting “the fifth taxable year immediately preceding” for “the taxable year immediately preceding”, (B) an application for a tentative carryback adjustment of the tax for any prior taxable year affected by the application of subparagraph (A) may be made under section 6411, and (C) section 6611 shall not apply to any overpayment attributable to such loss. (2) Eligible public utility property loss For purposes of this subsection— (A) In general The term “eligible public utility property loss” means any loss with respect to public utility property located in the Gulf Opportunity Zone and attributable to Hurricane Katrina.
(B) Public utility property The term “public utility property” has the meaning given such term by section 168(i)(10) without regard to the matter following subparagraph (D) thereof.
(3) Waiver of limitations If refund or credit of any overpayment of tax resulting from the application of paragraph (1) is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this section by the operation of any law or rule of law (including res judicata), such refund or credit may nevertheless be made or allowed if claim therefor is filed before the close of such period.
(p) Tax benefits not available with respect to certain property (1) Qualified Gulf Opportunity Zone property For purposes of subsections (d), (e), and (k)(2)(B)(iv), the term “qualified Gulf Opportunity Zone property” shall not include any property described in paragraph (3).
(2) Qualified Gulf Opportunity Zone casualty losses For purposes of subsection (k)(2)(B)(i), the term “qualified Gulf Opportunity Zone casualty loss” shall not include any loss with respect to any property described in paragraph (3).
(3) Property described (A) In general For purposes of this subsection, property is described in this paragraph if such property is— (i) any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises, or (ii) any gambling or animal racing property. (B) Gambling or animal racing property For purposes of subparagraph (A)(ii)— (i) In general The term “gambling or animal racing property” means— (I) any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and (II) the portion of any real property (determined by square footage) which is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. (ii) De minimis portion Clause (i)(II) shall not apply to any real property if the portion so dedicated is less than 100 square feet.
References In Text
The date of the enactment of this section, referred to in subsecs. (a)(2)(D), (b)(1), (2), and (o)(3), is the date of enactment of Pub. L. 109–135, which was approved
The date of the enactment of this paragraph, referred to in subsec. (a)(7)(C), is the date of enactment of Pub. L. 110–28, which was approved
Subpar. (C) of section 42(d)(5), referred to in subsec. (c)(3)(A)(i), (4)(C), was redesignated (B) by Pub. L. 110–289, div. C, title I, § 3003(g)(3),
Subpar. (D) of section 42(i)(2), referred to in subsec. (c)(6), was repealed by Pub. L. 110–289, div. C, title I, § 3002(b)(2)(C),
Sections 106, 107, 108, and 122 of the Housing and Community Development Act of 1974, referred to in subsec. (c)(6), are classified to sections 5306, 5307, 5308, and 5321, respectively, of Title 42, The Public Health and Welfare.
The Department of Defense Appropriations Act, 2006, referred to in subsec. (c)(6), is div. A of Pub. L. 109–148,
The Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006, referred to in subsec. (c)(6), is Pub. L. 109–234,
Codification
Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
Amendments
2013—Subsec. (d)(3)(B). Pub. L. 112–240 substituted “
2010—Subsec. (a)(2)(D), (7)(C). Pub. L. 111–312, § 764(a), substituted “
Subsec. (c)(5). Pub. L. 111–312, § 763, substituted “
Subsec. (d)(3)(B). Pub. L. 111–312, § 401(d)(7), substituted “
Pub. L. 111–240 substituted “
Subsec. (d)(6)(B)(ii). Pub. L. 111–312, § 765(a)(1), substituted “
Subsec. (d)(6)(D). Pub. L. 111–312, § 765(a)(2), substituted “
Subsec. (h). Pub. L. 111–312, § 762(a), substituted “
2009—Subsec. (d)(3)(B). Pub. L. 111–5, § 1201(a)(2)(E), substituted “
Subsec. (l)(3)(B). Pub. L. 111–5, § 1531(c)(3), substituted “, I, and J” for “and I”.
2008—Subsec. (a)(8). Pub. L. 110–289, § 3082(c)(1), added par. (8).
Subsec. (d)(3)(A). Pub. L. 110–185, § 103(c)(9)(A), substituted “
Subsec. (d)(3)(B). Pub. L. 110–289, § 3082(b)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “by substituting ‘
Pub. L. 110–185, § 103(c)(9)(B), substituted “
Subsec. (d)(6)(E). Pub. L. 110–185, § 103(c)(10), added subpar. (E).
Subsec. (h). Pub. L. 110–343 substituted “
Subsec. (l)(3)(B). Pub. L. 110–246, § 15316(c)(1), substituted “subparts C and I” for “subpart C”.
2007—Subsec. (a)(7). Pub. L. 110–28, § 8223, added par. (7).
Subsec. (c)(3)(A). Pub. L. 110–28, § 8222(b)(1), substituted “the period beginning on
Subsec. (c)(3)(B)(ii). Pub. L. 110–28, § 8222(b)(2), substituted “the period described in subparagraph (A)” for “such period”.
Subsec. (c)(5). Pub. L. 110–28, § 8222(a), added par. (5). Former par. (5) redesignated (6).
Subsec. (c)(6). Pub. L. 110–28, § 8222(c), added par. (6). Former par. (6) redesignated (7).
Pub. L. 110–28, § 8222(a), redesignated par. (5) as (6).
Subsec. (c)(7). Pub. L. 110–28, § 8222(c), redesignated par. (6) as (7).
Subsec. (e)(2). Pub. L. 110–28, § 8221, substituted “this subsection—”, subpar. (A) heading, and “The term” for “this subsection, the term” and added subpar. (B).
2006—Subsec. (d)(6). Pub. L. 109–432, § 120(a), added par. (6).
Subsec. (e)(2). Pub. L. 109–432, § 120(b), inserted “without regard to subsection (d)(6)” after “subsection (d)(2)”.
Subsec. (l)(7)(B)(ii). Pub. L. 109–432, § 107(b)(2), substituted “1397E(l)” for “1397E(i)”.
Effective Date Of Amendment
Amendment by Pub. L. 112–240 applicable to property placed in service after
Amendment by section 401(d)(7) of Pub. L. 111–312 applicable to property placed in service after
Pub. L. 111–312, title VII, § 762(b),
Pub. L. 111–312, title VII, § 765(b),
Amendment by Pub. L. 111–240 applicable to property placed in service after
Amendment by section 1201(a)(2)(E) of Pub. L. 111–5 applicable to property placed in service after
Amendment by section 1531(c)(3) of Pub. L. 111–5 applicable to obligations issued after
Pub. L. 110–343, div. C, title III, § 320(b),
Pub. L. 110–289, div. C, title III, § 3082(b)(2),
Pub. L. 110–289, div. C, title III, § 3082(c)(2),
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Amendment by section 15316(c)(1) of Pub. L. 110–246 applicable to obligations issued after
Amendment by Pub. L. 110–185 applicable to property placed in service after
Amendment by section 107(b)(2) of Pub. L. 109–432 applicable to obligations issued after
Pub. L. 109–432, div. A, title I, § 120(c),
Effective Date
Pub. L. 109–135, title I, § 101(c),