[Code of Federal Regulations]
[Title 26, Volume 2]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.103(n)-7T]
[Page 413]
TITLE 26--INTERNAL REVENUE
CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY
(CONTINUED)
PART 1--INCOME TAXES--Table of Contents
Sec. 1.103(n)-7T Election to allocate State ceiling to certain facilities for local furnishing of electricity (temporary).
(a) Election--(1) In general. The issuing authorities of the State
of New York (``New York'') may elect to use in 1984 up to one-half of
the amount that would have been New York's State ceiling (as defined in
section 103(n)(4) and A-1 of Sec. 1.103(n)-3T) for calendar years 1985,
1986, and 1987 for the purpose of issuing obligations to provide
facilities for the local furnishing of electric energy described in
section 644(a) of the Tax Reform Act of 1984 (the ``Act''). For purposes
of this paragraph, New York's State ceiling for calendar years 1985,
1986, and 1987 is considered equal to the State ceiling for 1984
(without taking into account any increase in the State ceiling for 1984
as a result of an election under section 644(b) and this section).
(2) Procedure. The election shall be made by filing the statement
described in this paragraph (a)(2) with the Internal Revenue Service
Center, Philadelphia, Pennsylvania, on or before December 31, 1984. The
statement shall be titled ``Allocation election under section 644 of the
Tax Reform Act of 1984,'' shall be signed by the Governor of New York or
his authorized representative, and shall contain the following
information:
(i) The name, address, and TIN of the issuing authority (or
authorities) that is expected to issue the obligations for the
facilities described in section 644(a) of the Act pursuant to the
election described in section 644(b) of the Act and this section, and
(ii) The amount of the State ceiling for each of calendar years
1985, 1986, and 1987 with respect to which the election is made.
(b) Effect of election--(1) In 1984. The amount of the State ceiling
for calendar years 1985, 1986, and 1987 with respect to which the
election is made will be considered part of New York's State ceiling for
calendar year 1984. For purposes of section 644(b) of the Act, such
amount will be considered used in 1984 only to the extent that
obligations are issued in 1984 to provide facilities for the local
furnishing of electric energy described in section 644(a) of the Act, or
to the extent that a proper election is made on or before December 31,
1984 (and is not revoked or amended between the time it is made and the
end of 1984) pursuant to section 103(n)(10) and Sec. 1.103(n)-4T to
carry forward all or part of such amount to provide such facilities
during the carryforward period applicable to calendar year 1984 State
ceiling.
(2) In 1985, 1986, and 1987. An election under section 644(b) of the
Act and this section to use in calendar year 1984 an amount of New
York's State ceiling for a subsequent calendar year reduces the State
ceiling for such subsequent calendar year by the amount with respect to
which the election is made, whether or not such amount is considered
used in 1984 pursuant to this paragraph (b). Thus, no obligations may be
issued pursuant to the election described in section 644(b) of the Act
and this section to provide a facility other than the facilities for the
furnishing of electric energy described in section 644(a) of the Act.
(3) Other effects. An election or the failure to make an election
under section 644(b) of the Act and this section shall not affect any
otherwise applicable rule that permits an issuing authority, for any
calendar year, to--
(i) Allocate a portion of its private activity bond limit,
(ii) Issue obligations within its private activity bond limit, or
(iii) Elect under section 103(n)(10) and Sec. 1.103(n)-4T to carry
forward any portion of its private activity bond limit,
in order to issue obligations to provide a facility described in section
644(a) of the Act.
(c) Revocation of election. An election made under section 644(b) of
the Act and this section may not be revoked or amended. An insubstantial
deviation from a specification contained in an election under section
644(b) of the Act and this section shall not prevent obligations from
being issued pursuant to such election.
(Sec. 644(b) of the Tax Reform Act of 1984 (98 Stat. 940); secs. 103(n)
and 7805 of the Internal Revenue Code of 1954 (98 Stat. 915, 26 U.S.C.
103(n); 68A Stat. 917, 26 U.S.C. 7805))
[T.D. 8001, 49 FR 50389, Dec. 28, 1984]
[[Page 414]]