TCA § 4-3-736 — Authority of department of economic development to allocate the national recovery zone economic development bond limitation and the national recovery zone facility bond limitation among counties and large municipalities

The state delegates to the department of economic and community development the authority to allocate on behalf of the state the portions of the national recovery zone economic development bond limitation and the national recovery zone facility bond limitation, as the national recovery zone economic development bond limitation and the national recovery zone facility bond limitation are defined in § 1400U-1 of the Internal Revenue Code of 1986 ( 26 U.S.C. § 1400 U-1), that are allocated to the state pursuant to § 1400U-1(a)(1) of the Internal Revenue Code of 1986 ( 26 U.S.C. § 1400 U-1(a)(1)), among the counties and large municipalities, as defined in § 1400U-1(a)(3)(B) of the Internal Revenue Code of 1986 (26 U.S.C. § 1400U-1(a)(3)(B)), in the manner provided in § 1400U-1(a)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 1400U-1(a)(3)). Acts 2009, ch. 608, § 1. Compiler's Notes. 26 U.S.C. 1400U, referred to in this section, was repealed by March 23, 2018, P.L. 115-141, Div U, Title IV, § 401(d)(6)(A), 132 Stat. 1211, subject to savings provisions, as provided by Sec. 401(d)(6)(C) of P.L. 115-141, which appears as a note to Code Sec. 1400L. It provided for allocation of recovery zone bonds.