Page:United States Statutes at Large Volume 100 Part 3.djvu/396

 100 STAT. 2204

PUBLIC LAW 99-514—OCT. 22, 1986

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t'^Q^ ^jjg maximum applicable percentage and qualified basis permitted to be taken into account by the appropriate housing credit agency under subsection (h), "(D) the election made under subsection (g) with respect to the qualified low-income housing project of which such building is a part, and "(E) such other information as the Secretary may require. In the case of a failure to make the certification required by the shown that such failure is due to reasonable cause and not to willful neglect, no credit shall be allowable by reason of subsection (a) with respect to such building for any taxable year ending before such certification is made. "(2) ANNUAL REPORTS FROM HOUSING CREDIT AGENCIES.—Each
 * i? preceding sentence on the date prescribed therefor, unless it is

agency which allocates any housing credit amount to any building for any calendar year shall submit to the Secretary (at such time and in such manner as the Secretary shall prescribe) an annual report specifying— ii t "(A) the amount of housing credit amount allocated to each building for such year, "(B) sufficient information to identify each such building « and the taxpayer with respect thereto, and "(C) such other information as the Secretary may require. The penalty under section 6652(j) shall apply to any failure to submit the report required by the preceding sentence on the date prescribed therefor. "(m) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes 01 this section, including regulations— .,^j "(1) dealing with— "(A) projects which include more than 1 building or only ,^a portion of a building, "(B) buildings which are placed in service in portions, "(2) providing for the application of this section to short ' *'* taxable years, and "(3) preventing the avoidance of the rules of this section. "(n) TERMINATION.—

"(1) IN GENERAL.—Except as provided in paragraph (2), the State housing credit ceiling under subsection (h) shall be zero for any calendar year after 1989. i.q.

"(2) CARRYOVER O F 1989 PROGRESS.—

LIMIT FOR CERTAIN PROJECTS I N

"(A) IN GENERAL.—The aggregate housing credit amount of any agency for 1989 which is not allocated for 1989 shall be treated for purposes of applying this section to any building described in subparagraph (B) as the housing credit amount of such agency for 1990. "(B) DESCRIPTION.—A building is described in this subparagraph if— "(i) such building is constructed, reconstructed, or rehabilitated by the taxpayer, t>». r "(ii) more than 10 percent of the reasonably anticipated cost of such construction, reconstrcution, or reti-jm 4)if V habilitation has been incurred as of January 1, 1989, ? and pnib'jty^.T. "(iii) such building is placed in service before January 1, 1991.

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