Page:United States Statutes at Large Volume 102 Part 4.djvu/411

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3381

(B) The subsection heading of subsection (1) of section 42 is amended to read as follows: "(1) CERTIFICATIONS AND OTHER REPORTS TO SECRETARY.—".

(25) Paragraph (1) of section 42(n) of the 1986 Code is amended by inserting before the period at the end thereof the following: ", and, except for any building described in paragraph (2)(B), subsection (h)(4) shall not apply to any building placed in service after 1989". (26) Subsection (d) of section 39 of the 1986 Code is amended by adding at the end thereof the following new paragraph: "(4) No CARRYBACK OF LOW-INCOME HOUSING CREDIT BEFORE

1987.—No portion of the unused business credit for any taxable year which is attributable to the credit determined under section 42 (relating to low-income housing credit) may be carried back to a taxable year ending before January 1, 1987." (27) Paragraph (1) of section 55(c) of the 1986 Code (defining regular tax) is amended by striking out "section 42(j)" and inserting in lieu thereof "subsection (j) or (k) of section 42". (28) Subparagraph (A) of section 252(0(1) of the Reform Act is 26 USC 42 note. amended by striking out "and" at the end of clause (i), by striking out the period at the end of clause (ii) and inserting in lieu thereof a comma, and by inserting after clause (ii) the following new clauses: "(iii) the eligible basis of such building shall be treated, for purposes of section 42(h)(4)(A) of such Code, as if it were financed by an obligation the interest on which is exempt from tax under section 103 of such Code and which is taken into account under section 146 of such Code, and "(iv) the amendments made by section 803 shall not apply." (29) Subparagraph (E) of section 252(f)(1) of the Reform Act is amended by striking out "maximum annual additional credit" and inserting in lieu thereof "maximum present value of additional credits". (30) Subparagraph (E) of section 252(f)(2) of the Reform Act is amended by adding at the end thereof the following new sentence: "The preceding sentence shall apply to any building only Housing. to the extent of the portion of the additional housing credit dollar amount (allocated to such agency under subparagraph (A)) allocated to such building." (31) Subsection (f) of section 252 of the Reform Act is amended by adding at the end thereof the following new paragraph: "(5) TRANSITIONAL RULE.—In the case of any rehabilitation Indiana. expenditures incurred with respect to units located in the Community neighborhood strategy area within the community development development. block grant program in Ft. Wayne, Indiana— "(A) the amendments made by this section shall not apply, and "(B) paragraph (1) of section 167(k) of the Internal Revenue Code of 1986, shall be applied as if it did not contain the phrase 'and before January 1, 1987'. The number of units to which the preceding sentence applies shall not exceed 150." (32) Subsection (g) of section 42 of the 1986 Code is amended by adding at the end thereof the following new paragraph:

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