Page:United States Statutes at Large Volume 103 Part 3.djvu/250

 103 STAT. 2318 PUBLIC LAW 101-239—DEC. 19, 1989 ,i- "ADJUSTED BASIS" and by striking "cost" in the text and ^ inserting "adjusted basis. ,-i, (B) Paragraph (5) of section 42(d), as amended by subsec- tion (g), is further amended by striking subparagraph (A), by redesignating subparagraphs (B), (C), and (D) as subpara- graphs (A), (B), and (C), respectively, and by striking the paragraph heading and inserting the following: " (5) SPECIAL RULES FOR DETERMINING ELIGIBLE BASIS.— ". •m-T (C) Paragraph (5) of section 42(e) is amended by striking "subsection (d)(2)(A)(i)(II)" and inserting "subsection (d)(2)(A)(i)". (m) HOUSING CREDIT MAY BE ALLOCATED ON PROJECT BASIS. — (1) IN GENERAL.— Section 42(h)(l) (relating to credit may not exceed credit amount allocated to building) is amended by adding at the end thereof the following new subparagraph: "(F) ALLOCATION OF CREDIT ON A PROJECT BASIS.— "(i) IN GENERAL.— In the case of a project which includes (or will include) more than 1 building, an ,t allocation meets the requirements of this subparagraph, . "(I) the allocation is made to the project for a 1^ calendar year during the project period, . ." .. "(II) the allocation only applies to buildings ,.J5." placed in service during or after the calendar year for which the allocation is made, and "(III) the portion of such allocation which is allocated to any building in such project is speci- fied not later than the close of the calendar year in which the building is placed in service, "(ii) PROJECT PERIOD. —For purposes of clause (i), the term 'project period' means the period— "(I) beginning with the 1st calendar year for which an allocation may be made for the 1st build- ing placed in service as part of such project, and "(II) ending with the calendar year the last ... building is placed in service as part of such project.' (2) CONFORMING AMENDMENT. —Subparagraph (B) of section 42(h)(l) is amended by striking "or (E)" and inserting "(E), or (F)". (8) PROJECTS WITH MORE THAN i BUILDING MUST BE IDENTI- FIED. —Section 42(g)(3) (relating to date for meeting require- ments) is amended by adding at the end thereof the following new subparagraph: "(D) RlOJECTS WITH MORE THAN 1 BUILDING MUST BE IDENTIFIED. — For purposes of this section, a project shall be treated as consisting of only 1 building unless, before the close of the 1st calendar year in the project period (as defined in subsection (h)(l)(F)(ii)), each building which is (or will be) part of such project is identified in such form and manner as the Secretary may provide." (n) CHANGES IN RULES RELATED TO DEEP RENT SKEWED PROJECTS. — (1) Clause (iii) of section 142(d)(4)(B) (relating to deep rent skewed project) is amended by striking "Vb" and inserting "V2". (2) Section 42(g)(4) (relating to certain rules made applicable) is amended by striking "(other than section 142(d)(4)(B)(iii))".

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