Page:United States Statutes at Large Volume 95.djvu/290

 95 STAT. 264

PUBLIC LAW 97-34—AUG. 13, 1981 substituting "July 23, 1981," for the day on which such individual begins work for the employer. (C) INDIVIDUALS WHO BEGIN WORK FOR EMPLOYER WITHIN 45 DAYS BEFORE OR AFTER DATE OF ENACTMENT.—In the Case o f

26 USC 51.

any individual (other than an individual described in section 51(d)(8) of the Internal Revenue Code of 1954) who begins work for the employer during the 90-day period beginning with the date 45 days before the date of the enactment of this Act, and in the case of an individual described in section 51(d)(8) of such Code who begins work before the end of such 90-day period, paragraph (15) of section 51(d) of such Code (as added by subsection (c)(1)) shall be applied by substituting "the last day of the 90-day period beginning with the date 45 days before the date of the enactment of this Act" for the day on which such individual begins work for the employer. (3) LIMITATION ON QUALIFIED FIRST-YEAR WAGES.—The amendment made by subsection (e) shall apply to taxable years beginning after December 31, 1981. SEC. 262. SECTION 189 MADE INAPPLICABLE TO LOW-INCOME HOUSING.

26 USC 189.

(a) IN GENERAL.—The table contained in subsection (b) of section 189 (relating to amortization of real property construction period, interest, and taxes) is amended by striking out the column relating to "Low-income housing". (b) CONFORMING AMENDMENT.—Subsection (d) of section 189 (relat-

26 USC 189 ^ote-

ing to certain residential property excluded) is amended to read as follows: "(d) CERTAIN PROPERTY EXCLUDED.—This section shall not apply to any— "(1) low-income housing, or "(2) real property acquired, constructed, or carried if such property is not, and cannot reasonably expected to be, held in a trade or business, or in an activity conducted for profit." (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1981. SEC. 263. INCREASE IN DEDUCTION ALLOWABLE TO A CORPORATION IN ANY TAXABLE YEAR FOR CHARITABLE CONTRIBUTIONS.

26 USC 170. 26 USC 170 "°**-

(a) IN GENERAL.—Paragraph (2) of section 170(b) (relating to percentage limitations) is amended by striking out "5 percent" and inserting in lieu thereof "10 percent". (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 1981. SEC. 264. AMORTIZATION OF LOW-INCOME HOUSING.

26 USC 167.

(a) IN GENERAL.—Paragraph (2) of section 167(k) (relating to rehabilitation of low-income rental housing) is amended by striking out "The" in subparagraph (A) and inserting in lieu thereof "Except as provided in subparagraph (B), the", by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following: "(B) The aggregate amount of rehabilitation expenditures paid or incurred by the taxpayer with respect to any dwelling unit in any low-income rental housing which may be taken into account under paragraph (1) may exceed $20,000, but shall not exceed $40,000, if the rehabilitation is conducted pursuant to a program certified by the Secretary of Housing and Urban Development, or his delegate, or by the

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