IRS Publishes 2003 Maximum Face Amounts For Qualified Zone Academy Bonds.
Rev. Proc. 2002-72; 2002-2 C.B. 931
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart III
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-26308 (5 original pages)
- Tax Analysts Electronic Citation2002 TNT 229-16
Rev. Proc. 2002-72
SECTION 1. PURPOSE
Pursuant to § 1397E(e)(2) of the Internal Revenue Code, this revenue procedure allocates among the States the national limitation for Qualified Zone Academy Bonds ("Bond" or "Bonds") for the calendar year 2003. For this purpose "State" includes the District of Columbia and the possessions of the United States.
SECTION 2. BACKGROUND
.01 Section 226 of the Taxpayer Relief Act of 1997, Pub. L. 105- 34, 111 Stat. 821 (1997), added § 1397E to the Internal Revenue Code to provide a credit to holders of Bonds under certain circumstances so that the Bonds generally can be issued without discount or interest. Ninety-five percent of Bond proceeds are to be used for qualified purposes, as defined by § 1397E(d)(5), with respect to a qualified zone academy, as defined by § 1397E(d)(4).
.02 Section 1397E(e)(1), as amended by § 608 of the Job Creation and Worker Assistance Act of 2002, Pub. L. 107-147, 116 Stat. 21(2002), provides that the national limitation for Bonds that may be issued is $400 million for each of the years 1998, 1999, 2000, 2001, 2002, and 2003. This amount is to be allocated among the States by the Secretary on the basis of their respective populations below the poverty level (as defined by the Office of Management and Budget) and is to be further allocated by each State to qualified zone academies within the State.
.03 Section 1397E(e)(4), as amended, by § 509 of the Tax Relief Extension Act of 1999, Pub. L. 106-170, 113 Stat. 1860(1999) provides that any carryforward of a limitation amount may be carried forward only to the first 2 years (3 years for carryforwards from 1998 or 1999) following the unused limitation year. For this purpose, a limitation amount shall be treated as used on a first-in first-out basis.
.04 Rev. Proc. 98-9, 1998-1 C.B. 341, Rev. Proc. 98-57, 1998-2 C.B. 682, Rev. Proc. 2000-10, 2000-1 C.B. 287, Rev. Proc. 2001-14, 2001-1 C.B. 343, and Rev. Proc. 2002-25, 2002-17 I.R.B. 800, allocated among the States the national limitation for 1998, 1999, 2000, 2001, and 2002, respectively.
SECTION 3. NATIONAL QUALIFIED ZONE ACADEMY BOND LIMITATION FOR 2003
The 2003 national limitation for Bonds is $400 million.
This amount is allocated among the States as follows:
MAXIMUM FACE AMOUNT OF BONDS
THAT MAY BE ISSUED PURSUANT
TO THE CALENDAR YEAR 2003
LIMITATION (thousands of
STATE dollars)
______ _____________________________
Alabama 7,975
Alaska 619
Arizona 8,914
Arkansas 5,408
California 49,511
Colorado 4,388
Connecticut 2,853
Delaware 607
District of Columbia 1,157
Florida 23,799
Georgia 12,249
Hawaii 1,581
Idaho 1,730
Illinois 14,311
Indiana 5,855
Iowa 2,429
Kansas 3,059
Kentucky 5,763
Louisiana 8,124
Maine 1,512
Maryland 4,411
Massachusetts 6,428
Michigan 10,622
Minnesota 4,136
Mississippi 6,176
Missouri 6,153
Montana 1,364
Nebraska 1,810
Nevada 1,742
New Hampshire 928
New Jersey 7,826
New Mexico 3,701
New York 30,524
North Carolina 11,607
North Dakota 985
Ohio 13,452
Oklahoma 5,821
Oregon 4,675
Pennsylvania 13,269
Rhode Island 1,146
South Carolina 6,909
South Dakota 710
Tennessee 9,189
Texas 35,853
Utah 2,727
Vermont 676
Virginia 6,462
Washington 7,264
West Virginia 3,334
Wisconsin 4,847
Wyoming 481
American Samoa 470
Guam 412
Northern Marianas 390
Puerto Rico 21,209
Virgin Islands 447
SECTION 4. EFFECTIVE DATE
This revenue procedure is effective as of December 9, 2002, and applies to Bonds issued pursuant to the national limitation for calendar year 2003 on or after January 1, 2003.
SECTION 5. DRAFTING INFORMATION
The principal author of this revenue procedure is Zoran Stojanovic of the Office of Assistant Chief Counsel (Tax Exempt/Employment Tax/Government Entities). For further information regarding this revenue procedure contact Mr. Stojanovic at (202) 622- 3980 (not a toll-free call).
- Institutional AuthorsInternal Revenue Service
- Cross-ReferencePart III
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2002-26308 (5 original pages)
- Tax Analysts Electronic Citation2002 TNT 229-16