Page:United States Statutes at Large Volume 100 Part 3.djvu/963

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PUBLIC LAW 99-000—MMMM. DD, 1986

PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2771

SEC. 1606. DEFINITION OF GOVERNMENT OFFICIAL.

(a) IN GENERAL.—Paragraph (5) of section 4946(c) of the Internal Revenue Code of 1986 (relating to government official) is amended by striking out "$15,000" and inserting in lieu thereof "$20,000". (b) EFFECTIVE DATE.—The amendment made by this section shall apply to compensation received after December 31, 1985. SEC. 1607. TRANSITION RULE FOR ACQUISITION INDEBTEDNESS WITH RESPECT TO CERTAIN LAND.

For purposes of applying section 514(c) of the Internal Revenue Code of 1986, with respect to a disposition during calendar year 1986 or calendar year 1987 of land acquired during calendar year 1984, the term "acquisition indebtedness" does not include indebtedness incurred in connection with bonds issued after January 1, 1984, and before July 19, 1984, on behalf of an organization which is a community college and which is described in section 511(a)(2)(B) of such Code. SEC. 1608. TREATMENT OF CERTAIN AMOUNTS PAID TO OR FOR THE BENEFIT OF CERTAIN INSTITUTIONS OF HIGHER EDUCATION.

(a) IN GENERAL.—Amounts paid by a taxpayer to or for the benefit of an institution of higher education described in paragraph (1) or (2) of subsection (b) (other than amounts separately paid for tickets) which would otherwise qualify as a charitable contribution within the meaning of section 170 of the Internal Revenue Code of 1986 shall not be disqualified because such taxpayer receives the right to seating or the right to purchase seating in an athletic stadium of such institution. flt)) DESCRIBED INSTITUTIONS.—

(1) An institution is described in this paragraph, if— (A) such institution was mandated by a State constitution

^^; '* in 1876,

m:' (g) such institution was established by a State legislature in March 1881, and is located in a State capital pursuant to a statewide election in September 1981, (C) the campus of such institution formally opened on September 15, 1883, and (D) such institution is operated under the authority of a 9member board of regents appointed by the governor. (2) An institution is described in this paragraph if such institution has an athletic stadium— (A) the plans for renovation of which were approved by a board of supervisors in December 1984, and reaffirmed by such board in December 1985 and January 1986, and (B) the plans for renovation of which were approved by a State board of ethics for public employees in February 1986. (c) EFFECTIVE DATE.—The provisions of this section shall apply to amounts paid in taxable years beginning on or after January 1, 1984.