certain irrigation dams

certain irrigation dams Sec. 301. (a) 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 Dams.— A dam for the furnishing of water 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 public.”. (b) The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act.