Page:United States Statutes at Large Volume 121.djvu/215

 121 STAT. 194

PUBLIC LAW 110–28—MAY 25, 2007

end of paragraph (15) and inserting a semicolon, by striking the period at the end of paragraph (16) and inserting ‘‘; and’’, and by inserting after paragraph (16) the following new paragraph: ‘‘(17) notwithstanding the preceding provisions of this subsection, each spouse’s share of income or loss from a qualified joint venture shall be taken into account as provided in section 761(f) in determining net earnings from self-employment of such spouse.’’. (2) Subsection (a) of section 211 of the Social Security Act (defining net earnings from self-employment) is amended by striking ‘‘and’’ at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting ‘‘; and’’, and by inserting after paragraph (15) the following new paragraph: ‘‘(16) Notwithstanding the preceding provisions of this subsection, each spouse’s share of income or loss from a qualified joint venture shall be taken into account as provided in section 761(f) of the Internal Revenue Code of 1986 in determining net earnings from self-employment of such spouse.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

42 USC 411.

26 USC 1761 note.

Subpart B—Gulf Opportunity Zone Tax Incentives SEC. 8221. EXTENSION OF INCREASED EXPENSING FOR QUALIFIED SECTION 179 GULF OPPORTUNITY ZONE PROPERTY. 26 USC 1400N.

Paragraph (2) of section 1400N(e) (relating to qualified section 179 Gulf Opportunity Zone property) is amended— (1) by striking ‘‘this subsection, the term’’ and inserting: ‘‘this subsection— ‘‘(A) IN GENERAL.—The term’’, and (2) by adding at the end the following new subparagraph: ‘‘(B) EXTENSION FOR CERTAIN PROPERTY.—In the case of property substantially all of the use of which is in one or more specified portions of the GO Zone (as defined by subsection (d)(6)), such term shall include section 179 property (as so defined) which is described in subsection (d)(2), determined— ‘‘(i) without regard to subsection (d)(6), and ‘‘(ii) by substituting ‘2008’ for ‘2007’ in subparagraph (A)(v) thereof.’’. SEC. 8222. EXTENSION AND EXPANSION OF LOW-INCOME HOUSING CREDIT RULES FOR BUILDINGS IN THE GO ZONES.

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(a) TIME FOR MAKING LOW-INCOME HOUSING CREDIT ALLOCATIONS.—Subsection (c) of section 1400N (relating to low-income housing credit) is amended by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph: ‘‘(5) TIME FOR MAKING LOW-INCOME HOUSING CREDIT ALLOCATIONS.—Section 42(h)(1)(B) shall not apply to an allocation of housing credit dollar amount to a building located in the Gulf Opportunity Zone, the Rita GO Zone, or the Wilma GO Zone, if such allocation is made in 2006, 2007, or 2008, and such building is placed in service before January 1, 2011.’’.

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