Page:United States Statutes at Large Volume 103 Part 3.djvu/239

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2307 "(1) IN GENERAL.—Except as provided in paragraph (2), for any calendar year after 1990— "(A) clause (i) of subsection (h)(3)(C) shall not apply, and "(B) subsection (h)(4) shall not apply to any building placed in service after 1990. " (2) EXCEPTION FOR BOND-FINANCED BUILDINGS IN PROGRESS.— For purposes of paragraph (I)(B), a building shall be treated as placed in service before 1990 if— "(A) the bonds with respect to such building are issued before 1990, "(B) such building is constructed, reconstructed, or re- habilitated by the taxpayer, "(C) more than 10 percent of the reasonably anticipated cost of such construction, reconstruction, or rehabilitation has been incurred as of January 1, 1990, and some of such cost is incurred on or after such date, and "(D) such building is placed in service before January 1, 1992." (2) SPECIAL RULE.—In the CEise of calendar year 1990, section 26 USC 42 note. 42(h)(3)(C)(i) of the Internal Revenue Code of 1986 (as amended by subsection (b)(D) shall be applied by substituting "$.9375" for " $1.25". (b) 1-YEAR CARRYOVER OF UNUSED CREDIT AUTHORITY, ETC. — (1) IN GENERAL.— Section 42(h)(3) (relating to housing credit dollar amount for agencies) is amended by redesignating sub- paragraphs (D), (E), and (F) as subparagraphs (E), (F), and (G), respectively, and by striking subparagraph (C) and inserting the following new subparagraphs: c "(C) STATE HOUSING CREDIT CEIUNG. —The State housing credit ceiling applicable to any State for any calendar year shall be an amount equal to the sum of— "(i) $1.25 multiplied by the State population, "(ii) the unused State housing credit ceiling (if any) of such State for the preceding calendar year, "(iii) the amount of State housing credit ceiling returned in the calendar year, plus "(iv) the amount (if any) allocated under subpara- graph (D) to such State by the Secretary. For purposes of clause (ii), the unused State housing credit ceiling for any calendar year is the excess (if any) of the amount described in clause (i) over the aggregate housing credit dollar amount allocated for such year. For purposes of clause (iii), the amount of State housing credit ceiling returned in the calendar year equals the housing credit dollar amount previously allocated within the State to any project which does not become a qualiHed low-income hous- ing project within the period required by this section or the terms of the allocation or to any project with respect to which an allocation is cancelled by mutual consent of the housing credit agency and the allocation recipient. " (D) UNUSED HOUSING CREDIT CARRYOVERS ALLOCATED AMONG CERTAIN STATES.— "(i) IN GENERAL. —The unused housing credit carry- over of a State for any calendar year shall be assigned to the Secretary for allocation among qualified States for the succeeding calendar year.

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