Page:United States Statutes at Large Volume 102 Part 4.djvu/403

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3373

"(ii) no interest under section 6611 of the 1986 Code on any refund of income taxes which is solely attributable to this paragraph shall be paid for the period— "(I) beginning on the date which is 45 days after the later of Apnl 15, 1987, or the date on which the ' return for such taxes was filed, and "(H) ending on the date the taxpayer acquired the interest in the partnership, and "(iii) if the expenditures to be made under this provision are not paid or incurred before January 1, 1994, then the tax imposed by chapter 1 of such Code for the taxpayer's last taxable year beginning in 1993 shall be increased by the amount of the tax benefits by reason of this paragraph which are attributable to the expenditures not so paid or incurred. "(7) SPECIAL RULE.—In the case of the rehabilitation of the District of Willard Hotel in Washington, D.C., section 205(c)(l)(B)(ii) of the Columbia. Tax Equity and Fiscal Responsibility Act of 1982 shall be applied by substituting '1987' for '1986'.'^' (5) Subparagraph (B) of section 251(d)(3) of the Reform Act is 26 USC 46 note. amended by striking out "Pontabla" and inserting in lieu thereof "Pontalba". (6) Subparagraph (T) of section 251(d)(4) of the Reform Act is amended by striking out "Louisville" and inserting in lieu thereof "Covington". (1) AMENDMENTS RELATED TO SECTION 252 OF THE REFORM ACT.—

Housing. Contracts.

dXA) Subparagraph (A) of section 42(b)(2) of the 1986 Code is amended by striking out "for the month" and all that follows and inserting in lieu thereof "for the earlier of— "(i) the month in which such building is placed in service, or "(ii) at the election of the taxpayer— "(I) the month in which the taxpayer and the housing credit agency enter into an agreement with respect to such building (which is binding on such agency, the taxpayer, and all successors in interest) as to the housing credit dollar amount to be allocated to such building, or "(II) in the case of any building to which subsection (h)(4)(B) applies, the month in which the taxexempt obligations are issued. A month may be elected under clause (ii) only if the election is made not later than the 5th day aJPter the close of such month. Such an election, once made, shall be irrevocable." (B) Clause (ii) of section 42(b)(2)(C) of the 1986 Code is amended by striking out "the month in which the building was placed in service" and inserting in lieu thereof "the month applicable under clause (i) or (ii) of subparagraph (A)". (2)(A) Subparagraph (A) of section 42(c)(2) of the 1986 Code Disadvantaged (defining qualified low-income building) is amended to read as persons. follows: "(A) which is part of a qualified low-income housing project at all times during the period— "(i) beginning on the 1st day in the compliance period on which such building is part of such a project, and "(ii) ending on the last day of the compliance period with respect to such building, and".

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