89 STAT. 976
26 USC 883 note.
26 USC 103.
PUBLIC LAW 94-164—DEC. 23, 1975 a foreign country which grants an equivalent exemption to corporations organized in the United States." (b) ErrECTiVE DATE.—The amendment made by this section shall apply to payments made after November 18, 1974. SEC. 7. CERTAIN IRRIGATION FACILITIES. (a) IN GENERAL.—Section 103 of the Internal Revenue Code of 1954 (relating to interest on certain governmental obligations) is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection: " (e) CERTAIN IRRIGATION D A M S. — A d a m for the furnishing of water
26 USC 103note.
for irrigation purposes which has a subordinate use in connection with the generation of electric energy by water shall be treated as meeting the requirements of subsection (c)(4)(G) if— " (1) substantially all of the stored water is contractually available for release from such dam for irrigation purposes, and " (2) the water so released is available on reasonable demand to members of the general p u b l i c ". (b) EFFECTIVE D A T E. — The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. Approved December 23, 1975.
LEGISLATIVE HISTORY: HOUSE REPORT No. 94-531 (Comm. on Ways and Means). SENATE REPORT No. 94-570 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 121 (1975): Oct. 6, considered and passed House. Dec. 19, considered and passed Senate, amended; House concurred in Senate amendment with an amendment; Senate concurred in House amendment.
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