Page:United States Statutes at Large Volume 122.djvu/2920

 12 2 STA T . 2 897PUBLIC LA W 11 0– 289 —J UL Y3 0, 2008 SEC.3025 . MODIF IC AT IO N OF DEFINITION OF TA X- EXEM P T U SEP R OP- ERT Y FOR PURPOSES OF T H E REHA B I L ITATION CREDIT. (a)INGE NE RAL.—Subcl au se (I) of sec ti o n47 (c)( 2 )( B )( v )is a m en d edb y st r i k in g‘ ‘section 168 ( h ) ’ ’ and inserting ‘‘section 168(h) , e x ce p tthat‘ 50 percent’ shall be substituted for ‘ 3 5 percent’ in paragraph (1)(B)(iii) thereof’’. (b) EF FE CTIV E D ATE.— T he amendments made by this section shall apply to expenditures properly taken into account for periods after December 31, 2007. SEC. 302 6 . EXTENSION OF SPECIAL RULE FOR MORT G AGE RE V ENUE BONDS FOR RESIDENCES LOCATED IN DISASTER AREAS. (a) IN GENERAL.— P aragraph (11) of section 143(k) is amended— (1) by striking ‘‘December 31, 1 9 96’’ and inserting ‘‘ M ay 1, 2008’’, and (2) by striking ‘‘ J anuary 1, 1999’’ and inserting ‘‘January 1, 2010’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to bonds issued after May 1, 2008. SEC. 302 7 . TRANSFER OF FUNDS APPROPRIATED TO CARRY OUT 200 8 RECOVERY REBATES FOR INDIVIDUALS. O f the funds made available by section 101(e)(1)( A ) of the Economic Stimulus Act of 2008 (Public L a w 110 - 185), the Secretary of the Treasury may transfer funds among the accounts specified in such section to carry out section 6428 of the Internal R evenue C ode of 1986. The Secretary shall provide advance notification of any such transfer to the Committees on Appropriations of the H ouse of Representatives and the Senate, and any transfer greater than $ 5,000,000 shall be sub j ect to the approval of such Committees. TI T LE II —R E FO R MS REL A TE D TO REAL ESTATE I NV ESTMENT TR U STS S ubti t le A—F or ei gnC urren cya n d Ot h er Q uali f ied Acti v itie s SEC. 303 1 . REVISIONS TO REIT INCOME TESTS. (a) FO REI G NC U RRENC Y GAIN SN OT GROSS INCO M EINA P PLYING REIT INCOME TESTS.—Section 856 (defining real estate investment trust) is amended by adding at the end the following new subsection

‘‘(n) RULES REGAR D ING FOREIGN CURRENCY TRANSACTIONS.— ‘‘(1) IN GENERAL.—For purposes of this part— ‘‘(A) passive foreign exchange gain for any taxable year shall not constitute gross income for purposes of subsection (c)(2), and ‘‘(B) real estate foreign exchange gain for any taxable year shall not constitute gross income for purposes of sub- section (c)(3). ‘‘(2) REAL ESTATE FOREIGN E X C H ANGE GAIN.—For purposes of this subsection, the term ‘real estate foreign exchange gain’ means— ‘‘(A) foreign currency gain (as defined in section 988(b)(1)) which is attributable to— Notif i ca tio n.26USC143 not e . 26USC4 7 note.

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