Page:United States Statutes at Large Volume 122.djvu/2904

 12 2 STA T . 2 8 81 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (i i )thecos t - o f - l i v i ngadju st m ent dete r mined under section 1 (f)( 3 ) for such calendar y ear b y sub- stituting ‘calendar year 20 0 8’ for ‘calendar year 1 9 92’ in sub p aragraph ( B ) thereof .A ny increase under the preceding sentence w hich is not a multiple of $ 100 shall be rounded to the nearest multiple of $100.’’. (3) CONF O RMI N GA M E N D MEN T . —S ubclause ( I I) of section 4 2(f)( 5 )(B)(ii) is amended by stri k ing ‘‘if subsection (e)(3)(A)(ii)(II)’’ and all that follows and inserting ‘‘if the dollar amount in effect under subsection (e)(3)(A)(ii)(II) were two- thirds of such amount.’’. (c) IN C REA S EINA L LO W A B LE COMM U NIT Y SER V ICE F ACILITY S P ACE FOR SMALL P RO J ECTS.—Clause (ii) of section 42(d)(4)(C) (relating to limitation) is amended by striking ‘‘10 percent of the eligible basis of the q ualified low-income housing project of which it is a part. For purposes of’’ and inserting ‘‘the sum of— ‘‘(I) 25 percent of so much of the eligible basis of the qualified low-income housing project of whichitisapartasdoesnote x ceed $15 , 000,000, plus ‘‘(II) 10 percent of so much of the eligible basis of such project as is not taken into account under subclause (I). For purposes of’’. (d) CLARIFICATION OF T REATMENT OF FEDERAL G RANTS.— Subparagraph (A) of section 42(d)(5) is amended to read as follows

‘‘(A) FEDERAL GRANTS NOT TA K EN INTO ACCOUNT IN DETERMINING ELIGIBLE BASIS.—The eligible basis of a building shall not include any costs financed with the pro- ceeds of a federally funded grant.’’. (e) SIMPLIFICATION OF R ELATED PARTY RULES.—Clause (iii) of section 42(d)(2)( D ), before redesignation under subsection (g)(2), is amended— (1) by striking all that precedes subclause (II), (2) by redesignating subclause (II) as clause (iii) and moving such clause two ems to the left, and (3) by striking the last sentence thereof. (f) EX CEPTION TO 10- Y EAR N ONAC Q UISITION PERIOD FOR EXISTING BUILDINGS APPLICABLE TO FEDERALLY- OR STATE-ASSISTED BUILDINGS.—Paragraph ( 6 ) of section 42(d) is amended to read as follows: ‘‘(6) CREDIT ALLOWABLE FOR CERTAIN BUILDINGS ACQUIRED DURING 10 -YEAR PERIOD DESCRIBED IN PARAGRAP H (2)(B)(ii).— ‘‘(A) IN GENERAL.—Paragraph (2)(B)(ii) shall not apply to any federally- or State-assisted building. ‘‘(B) BUILDINGS ACQUIRED FROM INSURED DEPOSITORY INSTITUTIONS IN DEFAULT.— O n application by the taxpayer, the Secretary may waive paragraph (2)(B)(ii) with respect to any building acquired from an insured depository institu- tion in default (as defined in section 3 of the Federal Deposit Insurance Act) or from a receiver or conservator of such an institution. ‘‘(C) FEDERALLY- OR STATE-ASSISTED BUILDING.—For purposes of this paragraph— ‘‘(i) FEDERALLY-ASSISTED BUILDING.—The term ‘fed- erally-assisted building’ means any building which is

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