§ 1400U-3. Recovery zone facility bonds
(a)
In general
For purposes of part IV of subchapter B (relating to tax exemption requirements for State and local bonds), the term “exempt facility bond” includes any recovery zone facility bond.
(b)
Recovery zone facility bond
(1)
In general
For purposes of this section, the term “recovery zone facility bond” means any bond issued as part of an issue if—
(2)
Limitation on amount of bonds designated
The maximum aggregate face amount of bonds which may be designated by any issuer under paragraph (1) shall not exceed the amount of recovery zone facility bond limitation allocated to such issuer under section
1400U–1.
(c)
Recovery zone property
For purposes of this section—
(1)
In general
The term “recovery zone property” means any property to which section
168 applies (or would apply but for section
179) if—
(2)
Qualified business
The term “qualified business” means any trade or business except that—
(3)
Special rules for substantial renovations and sale-leaseback
Rules similar to the rules of subsections (a)(2) and (b) of section
1397D shall apply for purposes of this subsection.
(d)
Nonapplication of certain rules
Sections
146 (relating to volume cap) and 147(d) (relating to acquisition of existing property not permitted) shall not apply to any recovery zone facility bond.