§ 3106. Retirement and savings bonds

Statutory text

With the approval of the President, the Secretary of the Treasury may issue retirement and savings bonds of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. The proceeds from the bonds shall be used for expenditures authorized by law. Retirement and savings bonds may be issued only on a discount basis. The maturity period of the bonds shall be at least 10 years from the date of issue but not more than 30 years from the date of issue. The difference between the price paid and the amount received on redeeming a bond is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.).

With the approval of the President, the Secretary may allow owners of retirement and savings bonds to keep the bonds after maturity and continue to earn interest on them at rates that are consistent with the rate of investment yield provided by retirement and savings bonds.

Section 3105(c)(1)–(5) of this title applies to this section. Sections 3105(c)(6) and (d) and 3126 of this title apply to this section to the extent consistent with this section. The Secretary may prescribe the maximum amount of retirement and savings bonds issued under this section in a year that may be held by one person. However, the maximum amount shall be at least $3,000.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1982
Pub. L. 97–258 · 96 Stat. 941
Enacted · 31 U.S.C. § 3106
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941
Source evidence
Code source credit
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941
1983
Pub. L. 97–452 § 1(8) · 96 Stat. 2467
Struck · 31 U.S.C. § 3106(b)
Pub. L. 97–452 struck out provisions that the issue price of retirement and savings bonds and the conditions under which they could be redeemed could give an investment yield of not more than 5 percent a year compounded semiannually
Source evidence
Code amendment note
Subsec. (b). Pub. L. 97–452 struck out provisions that the issue price of retirement and savings bonds and the conditions under which they could be redeemed could give an investment yield of not more than 5 percent a year compounded semiannually.
Enacted provision · exact public law section
(8) Section 3106(b) is amended by striking out the first sentence.
1986
Tax Reform Act of 1986
Pub. L. 99–514 § 2 · 100 Stat. 2085
Substituted · 31 U.S.C. § 3106(a)
Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”.
Enacted provision · exact public law section
SEC. 2. INTERNAL REVENUE CODE OF 1986. (a) Redesignation of 1954 Code.— The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the “Internal Revenue Code of 1986”. (b) References in Laws, Etc.— Except when inappropriate, any reference in any law, Executive order, or other document— (1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and (2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

2 of 3 references resolved to an enrolled provision · 1 partial

Notes

historicalAndRevision

Historical and Revision Notes
1982 Act
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
3106(a)	31:757c–2(a)(1st sentence), (b)(1)(1st sentence), (c)(1st sentence).	Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22A(a)–(c)(1st sentence), (d); added Nov. 8, 1966, Pub. L. 89–800, § 5, 80 Stat. 1514.
3106(b)	31:757c–2(b)(1)(2d sentence words after 1st comma), (2).
3106(c)	31:757c–2(a)(last sentence), (b)(1)(2d sentence words before 1st comma, 3d, last sentences), (d).

In subsection (a), the words “In addition to the United States savings bonds authorized to be issued under section 757c of this title” are omitted as surplus. The words “through the United States Postal Service or otherwise” are omitted as surplus and unnecessary because of 39:411. The words “and may buy, redeem, and make refunds under section 3111 of this title” are added because of the restatement. The words “and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis” are omitted as unnecessary because of section 3111 of the revised title. The words “as the terms thereof may provide” are omitted because of the restatement.

In subsection (b), the word “conditions” is substituted for “terms” for consistency in the revised title and with other titles of the United States Code. The words “by regulations” are omitted as unnecessary. The words “at their option” are omitted as surplus.

In subsection (c), the words “Section 3105(c)(1)–(5) of this title applies to this section” are substituted for 31:757c–2(a)(last sentence) and (b)(1)(2d sentence words before 1st comma, 3d sentence) to eliminate unnecessary words. The words “by regulations” are omitted as unnecessary.

historicalAndRevision

1983 Act
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
3106(b)	31 App.:757c–2 (b)(1) (2d sentence).	Sept. 3, 1982, Pub. L. 97–248, § 289(a)(2), 96 Stat. 571.

Editorial Notes

Amendments1983–1986 · 2 rounds

1986

Subsec. (a). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”.

1983

Subsec. (b). Pub. L. 97–452 struck out provisions that the issue price of retirement and savings bonds and the conditions under which they could be redeemed could give an investment yield of not more than 5 percent a year compounded semiannually.

Credits

1982–1986 · 3 acts

1982Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941
1983Pub. L. 97–452, § 1(8), Jan. 12, 1983, 96 Stat. 2468
1986Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.

Show as published

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 97–452, § 1(8), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)