Page:United States Statutes at Large Volume 100 Part 3.djvu/1075

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2883

permitted by section 83(b) of the Internal Revenue Code of 1954 may be made, notwithstanding paragraph (2) of such section 83(b), with the income tax return for any taxable year ending after July 18, 1984, and beginning before the date of the enactment of the Tax Reform Act of 1986 if—". CHAPTER 6—AMENDMENTS RELATED TO TITLE VI OF THE ACT SEC. 1861. AMENDMENTS RELATED TO SECTION 611 OF THE ACT. (a) EXTENSION OF TIME FOR SUBMITTING POLICY STATEMENT.—

Paragraph (5) of section 103A(j) is amended by adding at the end thereof the following new subparagraph: "(C) EXTENSION OF TIME.—The Secretary may grant an extension of time for the publishing of a report described in subparagraph (B) or the submittal of such report to the -^ Secretary if there is reasonable cause for the failure to publish or submit such report in a timely fashion." (b) DEFINITION OF QUALIFIED VETERAN.—Subparagraph (B) of section 103A(o)(4) (defining qualified veteran) is amended by striking out "January 1, 1985" and inserting in lieu thereof "January 31, 1985". (c) CLARIFICATION OF GOOD FAITH EFFORT PROVISIONS.—

(1) Subparagraph (B) of section 103A(c)(2) (defining qualified mortgage issue) is amended by striking out "and (j)" and inserting in lieu thereof "and (j)(1) and (2)". (2) Subparagraph (C) of section 103A(c)(2) is amended by striking out "and (i)" and inserting in lieu thereof "(i), and (j)(3), (4), and (5)". SEC. 1862. AMENDMENT RELATED TO SECTION 612 OF THE ACT. (a) REQUIREMENTS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE

PROGRAM.—Subclause (V) of section 25(c)(2)(A)(iii) (defining qualified mortgage credit certificate program) is amended by striking out "paragraph (1) of subsection (j)" and inserting in lieu thereof "subsection (j), other than paragraph (2) thereof. (b) GOOD FAITH EFFORT RULES MADE APPLICABLE.—Subparagraph

(A) of section 25(c)(2) (defining qualified mortgage credit certificate program) is amended by adding at the end thereof the following new sentence: "Under regulations, rules similar to the rules of subparagraphs (B) and (C) of section 103A(c)(2) shall apply to the requirements of this subparagraph." (c) CARRYFORWARD OF EXCESS CREDIT.—Subparagraph (B) of section 25(e)(1) (relating to carryforward of unused credit) is amended to read as follows: "(B) LIMITATION.—The amount of the unused credit which may be taken into account under subparagraph (A) for any taxable year shall not exceed the amount (if any) by which the applicable tax limit for such taxable year exceeds the sum of— f "(i) the credit allowable under subsection (a) for such taxable year determined without regard to this paragraph, and "(ii) the amounts which, by reason of this paragraph, are carried to such taxable year and are attributable to taxable years before the unused credit year."

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