Page:United States Statutes at Large Volume 122.djvu/2905

 12 2 STA T . 2 8 82 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 sub s tan t i a l l y assist ed,f inan c ed, or o p erated under sec - tion 8 oft h e U nited S tates H ousin gA ct of 1937 , section 2 21 ( d ) (3), 221(d)( 4 ),or23 6 of the N ational Housing Act, section 5 15 of the Housing Act of 1949, or any other housing progra m administered by the D epart- ment of Housing and Urban De v elopment or by the R ural Housing Service of the Department of Agri- culture .‘ ‘(ii) S TA T E -A S S I STE DBU I L DI NG . —T he term ‘State- assisted building ’ means any building w hich is substan- tially assisted, financed, or operated under any State law similar in purposes to any of the laws referred to in clause (i).’’. (g) RE P EAL OF DEAD W OOD.— (1) C lause (ii) of section 42(d)(2)( B ) is amended by stri k ing ‘‘the later of—’’ and all that follows and inserting ‘‘the date the building was last placed in service,’’. (2) Subparagraph (D) of section 42(d)(2) is amended by striking clause (i) and by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively. (3) P aragraph (5) of section 42(d) is amended by striking subparagraph (B) and by redesignating subparagraph (C) as subparagraph (B). (h) E FFE C TI V E DATE.— (1) I N GENE R AL.—E x cept as otherwise provided in para- graph (2), the amendments made by this subsection shall apply to buildings placed in service after the date of the enactment of this Act. (2) RE H ABILITATION RE Q UIRE M ENTS.— (A) IN GENERAL.—The amendments made by subsection (b) shall apply to buildings with respect to which housing credit dollar amounts are allocated after the date of the enactment of this Act. (B) BUILDINGS NOT SUB J ECT TO ALLOCATION LIMITS.— To the extent paragraph (1) of section 42(h) of the Internal Revenue Code of 1986 does not apply to any building by reason of paragraph (4) thereof, the amendments made by subsection (b) shall apply buildings financed with bonds issued pursuant to allocations made after the date of the enactment of this Act. SEC.30 0 4 . OTH E R S IMPL I F IC A TIO N AN D REFORM OF LO W- INCOME HO U SIN G TA X INCENTI V ES. (a) REPEAL PROHIBITION ON M ODERATE REHABILITATION ASSIST- ANCE.—Paragraph (2) of section 42(c) (defining q ualified low-income building) is amended by striking the flush sentence at the end. (b) MODIFICATION OF TIME L IMIT FOR INCURRING 1 0 PERCENT OF PROJECT’S COST.—Clause (ii) of section 42(h)(1)(E) is amended by striking ‘‘(as of the later of the date which is 6 months after the date that the allocation was made or the close of the calendar year in which the allocation is made)’’ and inserting ‘‘(as of the date which is 1 year after the date that the allocation was made)’’. (c) REPEAL OF BONDING REQUIREMENT ON DISPOSITION OF BUILDING.—Paragraph (6) of section 42( j ) (relating to no recapture on disposition of building (or interest therein) where bond posted) is amended to read as follows
 * 26USC4

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