Page:United States Statutes at Large Volume 100 Part 3.djvu/381

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2189

(P) the Major Hampden Smith House, in Owensboro, Kentucky, (Q) the Doe Run Inn, in Brandenburg, Kentucky, (R) the State National Bank, in Frankfort, Kentucky, (S) the Captain Jack House, in Fleming, Kentucky, (T) the Elizabeth Arlinghaus House, in Louisville, Kentucky, (U) Limerick Shamrock, in Louisville, Kentucky, (V) the Robert Mills Project, in South Carolina, (W) the 620 Project, consisting of 3 buildings, in Kentucky, (X) the Warrior Hotel, Ltd., the first two floors of the Martin Hotel, and the 105,000 square foot warehouse constructed in 1910, all in Sioux City, Iowa, (Y) the waterpark condominium residential project, to the extent of $2 million of expenditures, and (Z) the Apollo and Bishop Building Complex on 125th Street, the Bigelow-Hartford Carpet Mill in New York, New York. (5) REDUCTION IN CREDIT FOR PROPERTY UNDER TRANSITIONAL

RULES.—In the case of property placed in service after December 31, 1986, and to which the amendments made by this section do not apply, subparagraph (A) of section 460t>X4) of the Internal Revenue Code of 1954 (as in effect before the enactment of this Act) shall be applied— (A) by substituting "10 percent" for "15 percent", and (B) by substituting "13 percent" for "20 percent". (6)

EXPENSING OF REHABIUTATION EXPENDITURES FOR THE

FRANKFORD ARSENAL.—In the CEise of any expenditures paid or incurred in connection with the rehabilitation of the Frankford Arsenal during the 8-year period beginning on January 1, 1987, such expenditures (including expenditures for repair and maintenance of the building and property) shall be allowable as a deduction in the taxable year in which paid or incurred in an amount not in excess of the submissions made by the taxpayer before September 16, 1986. SEC. 252. LOW-INCOME HOUSING CREDIT. (a) IN GENERAL.—Subpart D of part IV of subchapter A of chapter 1 (relating to business credits) is amended by adding at the end thereof the following new section: "SEC. 42. LOW-INCOME HOUSING CREDIT. "(a) IN GENERAL.—For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to— "(1) the applicable percentage of "(2) the qualified basis of each qualified low-income building. "(b) APPLICABLE PERCENTAGE: 70 PERCENT PRESENT VALUE CREDIT FOR CERTAIN NEW BUILDINGS; 30 PERCENT PRESENT VALUE CREDIT FOR CERTAIN OTHER BUILDINGS.—For purposes of this section— "(1) BUILDING PLACED IN SERVICE DURING 1987.—In the case of

any qualified low-income building placed in service by the taxpayer during 1987, the term 'applicable percentage' means— "(A) 9 percent for new buildings which are not federally subsidized for the taxable year, or "(B) 4 percent for—

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