With the approval of the President, the Secretary of the Treasury may increase by regulation the interest rate or investment yield on an offering of bonds issued under this chapter that are described in sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (26 U.S.C. 405(b), 409(a)), as in effect before the enactment of the Tax Reform Act of 1984. The increased yield shall be for interest accrual periods specified in the regulations so that the interest rate or investment yield on the bonds for those periods is consistent with the interest rate or investment yield on a new offering of those bonds.
Open Table| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3107 | 31:752(last par.). | Sept. 24, 1917, ch. 56, 40 Stat. 288, §1(last par.); added Dec. 24, 1980, Pub. L. 96–595, §2(a), 94 Stat. 3465. |
The words "interest rate" are added for consistency in the chapter and with 26:405(b) and 409(a).
Editorial Notes
References in Text
Sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (26 U.S.C. 405(b), 409(a)), referred to in text, were repealed by Pub. L. 98–369, div. A, title IV, §491(a), (b), July 18, 1984, 98 Stat. 848.
Enactment of the Tax Reform Act of 1984, referred to in text, means the date of enactment of division A of Pub. L. 98–369, which was approved July 18, 1984.
Amendments
1984—Pub. L. 98–369 inserted ", as in effect before the enactment of the Tax Reform Act of 1984" after "(26 U.S.C. 405(b), 409(a))".
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369 applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as a note under section 62 of Title 26, Internal Revenue Code.
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