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TITLE 26-INTERNAL REVENUE CODE The Housing Act of 1949, referred to in subsea. Ce) relating to cross references, Is act July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title I of the Housing Act of 1949 is classified generally to subchapter II (§ 1450 et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For complete classification of this Act. to the Code, see Short Title note set out under section 1441 of Title 42 and Tables volume. CODIFICATION Section, as amended by Pub. L. 94-455, contains two subsecs. (e). The first, relating to qualified scholarship funding bonds, was added by section 2105(b) of Pub. L. 94-455, as a new subsec. f), which was in turn redesig. nated as (e) by section 1901(a)(17)(B) of Pub. L. 94- 455. The second, the result of language in section 1901(a)(17)(E) of Pub. L. 94-455, which directed that subsec. (e), relating to certain cross-references, be amended to read as set out in the second of the two subsecs. (e) above, has been handled as an amendment of the existing cross-reference subsection as the prob- able intent of Congress, even though the cross-refer- ence subsection, but for the specific directory lan- guage of section 1901(a)(17)(E) of Pub. L. 94-455, would have otherwise carried the subsec. f) designa- tion under the other provisions of Pub. L. 94-455. ' Section 2137(d) of Pub. L. 94-455 directed that a new par. be added to the cross references relating to exclu- sions from gross Income of interest on certain govern. ment obligations to read as follows: "(24) Exempt-in- terest dividends.-For treatment of exempt-interest dividends, see section 852tb)(5)(B)." This amendment has been executed to subsec. (e) following par. (3) thereof as the probable intent of Congress notwith- standing the directory language of section 2137(d) of Pub. L. 94-455 that the new par, (24) be inserted after par. (23) of "section 103(g), as redesignated by section 1305 of this Act", since section 1305 of Pub. L. 94-455 did no redesignating and in no way involved the amendment of this section. AMENDMENTS 1976-Subsec. (a). Pub. L. 94-455, §§ 1901(a)(17)(A), 2105(a), added par. (2) relating to qualified scholarship funding bonds. Former pars. (2) and (3), relating to ob- ligations of the United States and to the obligations of corporations organized under an Act of Congress, were stricken. Subsec. (b). Pub. !,. 9--455, § 1901(a)(17)tB), (C), re- designated former sub~ec. c) as (b) and in par. (1) of subsec. Cb) as so redesignated substituted "subsection (a)(1) or (2)" for "subection (a)C1)". Former subsec. (b), which created an exception to the rule that gross income did not include interest on obligations of the United States, by providing that the exception did not apply to obligations of the United States (with speci- fied exceptions) unless under the authorizing Acts such Interest is wholly exempt from the taxes imposed by this subtitle, was stricken. Subsec. (). Pub. L. 94-455, §§ 1901(a)(17)(B), (D), Cb)C8)CB), 1906Cb)(13)(A), 2105(c), redesignated former subsec. (d) as (c) and, in subsec. (c) as so redesignated, substituted "Ca)(1) or (4)" for "a)(1)" in par. (1) and "(a)(1) or, (2) or 4)" for "Ca)C1)" in par. (2)(A), substi- tuted "educational organization described in section 170Cb)(1)CA)M')" for "educational institution (within the meaning of section 151(e)(4))" in par. (3)(A), added par. (5), redesignated former par. (5) as (6), and in par. (6) as so redesignated substituted "Secretary" for "Secretary or his delegate". Former subsec. (c) was re- designated as b). See Codification note above. Subsec. d). Pub. L. 94-455, § 1901(a)t17)tB), redesig- nated former subsec. Ce) as (d). Former subsec. d) was redesignated as (c). Subsec. (e). Pub. L. 94-455, §§ 1901a)T17)CB), CE), 2105(b), 2137(d), added subsec. (e) relating to qualified scholarship funding bonds, redesignated former subsec. f) relating to cross references as subsec. (e), and reduced the number of cross references in subsec. Ce) as so redesignated from twenty-three, which made reference to various obligations of the United States and of corporations organized under Acts of Congress, to three, relating, respectively, to Puerto Rican bonds, Virgin Islands insular and municipal bonds, and cer- tain obligations issued under title I of the Housing Act of 1949. A fourth cross reference, relating to the treat- ment of exempt-interest dividends, was added as the probable intent of Congress. Former subsec. Ce) was re- designated as Cd). See Codification note above. Subsec. Cf). Pub. L. 94-455, § 1901(a)(17)(B), redesig- nated former subsec. f), relating to cross references, as (e). 1975-Subsec. (e). Pub. L. 94-182 added subsec. (e) and redesignated former subsec. Ce) as (f). The identi- cal amendment was made by Pub. L. 94-164. Subsec. Cf). Pub. L. 94-164 and Pub. L. 94-182 rede- signated former subsec. (e) as subsec. Cf). 1971-Subsec. c)(4)(E). Pub. L. 92-178, §315(a)(1), substituted "energy or gas," for "energy, gas, or water or". Subsec. (c)(4)(F). Pub. L. 92-178, § 315(a)(2), substi- tuted ", or" for a period. Subsec. (c)C4)(G). Pub. L. 92-178, § 315(a)(3), added subpar. C). Subsec. (c)t6)CF)(Cii). Pub. L. 92-178, § 315(b), substi- tuted "$1,000,000" for "$250,000". 1969-Subsec. (d). Pub. L, 91-172 added subsec. (d). Former subsec. Cd) redesignated (e). Subsec. Ce). Pub. L. 91-172 redesignated former subsec. (d) as (e). 1968-Subsec. Cc). Pub. L. 90-364 added subsec Cc). Former subsec. (c) redesignated Cd). Subsec. (c)(6)(D) to (H). Pub. L. 90-634 added subsec. Cc)C6)CD) to (H). Subsec. (d). Pub. L. 90-364 redesignated former subsec. (c) as Cd). EFFECTIVE DATE OF 1976 AMENDMENT Amendment by section 1901(a)(17), Cb)(8)(B) of Pub. L. 94-455 applicable with respect to taxable years ending after Oct. 4, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amend- ment note under section 2 of this title. Amendraent of subsec. (c)(6) by section 1906(b)(13)CA) of Pub. L. 94-455 effective Feb. 1, 1977, see section 1906(d)(1) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 6013 of this title. Sectio:a 2105(d) of Pub. L. 94-455 provided that: "The amendments made by this section [enacting sub- secs. (a)(2), (c)(6) and (e) of this section, relating to qualified scholarship funding bonds, and amending subsec. (c)(1), (2) of this section] apply to obligations issued on or after the date of the enactment of this Act [Oct. 4, 1976]." Amendment by section 2137(d) of Pub. L. 94-455 ap- plicable to taxable years beginning after Dec. 31, 1975, see section 2137(e) of Pub. L. 94-455, set out as an Ef- fective Date of 1976 Amendment note under section 852 of this title. EFFECTIVE DATE OF 1975 AMENDMENT Section 301(b) of Pub. L. 94-182 provided that: "The amendment made by subsection Ca) [to this section] shall apply to obligations issued after the date of the enactment of this Act [Dec. 31, 19751," Section 7(b) of Pub. L. 94-164 provided that: "The amendments made by this section [to this section] shall apply to obligations issued after the date of en- actment of this Act [Dec. 23, 1975]." EFFECTIVE DATE OF 1971 AMZENDMENT Section 315(c) of Pub. L. 92-178 provided that: "The amendments made by subsection (a) [amending subsec. (c)(4)(E), F) and enacting subsec. (c)C4)CG) of this section] shall apply with respect to obligations issued after January 1, 1969. The amendment made by subsection b) [to subsec. (c)(0)CF)(Cii) of this section] shall apply with respect to expenditures incurred after the date of the enactment of this Act [Dec. 10, 1971]." Page 115 § 103