Page:United States Statutes at Large Volume 96 Part 1.djvu/473

 PUBLIC LAW 97-248—SEFr. 3, 1982

96 STAT. 431

(ii) INTEGRATED MANUFACTURING FACILITY.—For purposes of clause (i), the term 'integrated manufacturing facility' means 1 or more facilities— (I) located on a single site, (II) for the manufacture of 1 or more manufactured products from raw materials by the application of 2 or more integrated manufacturing processes. (D) SPECIAL RULE FOR HISTORIC STRUCTURES.—In the case of any certified historic structure (as defined in section 48(g)(3) of the Internal Revenue Code of 1954), clause (i) of 26 USC 48. subparagraph (B) shall be applied by substituting "December 31, 1980" for "August 13, 1981." (E) CERTAIN PROJECTS WITH RESPECT TO HISTORIC STRUC-

TURES.—In the case of any certified historic structure (as so defined), the requirements of clause (i) of subparagraph (B) shall be treated as met with respect to such property— (i) if the rehabilitation begins after December 31, 1980, and before July 1, 1982, or (ii) i f (I) before July 1, 1982, a public offering with respect to interests in such property was registered with the Securities and Exchange Commission, (II) before such date an application with respect to such property was filed under section 8 of the United States Housing Act of 1937, and 42 USC 1437f, (III) such property is placed in service before July 1, 1984. (2) SUBSECTION (b).—The amendments made by subsection (b) 26 USC 46 note, shall apply to taxable years beginning after December 31, 1982. SEC. 206. REPEAL OF 1985 AND 1986 INCREASES IN ACCELERATED COST RECOVERY DEDUCTIONS.

(a) IN GENERAL.—Paragraph (1) of section 168(b) (relating to amount of accelerated cost recovery deduction) is amended— (1) by striking out "tables" and inserting in lieu thereof "table"; (2) by striking out:

95 Stat. 204.

"(A) FOR PROPERTY PLACED IN SERVICE AFTER DECEMBER 31, 1980, AND BEFORE JANUARY 1, 1985.—"; and

(3) by striking out subparagraphs (B) and (C). (b) CONFORMING AMENDMENTS.—Paragraph (4) of section 168(e) (relating to property excluded from application of section) is amended— (1) by striking out subparagraph (H); and (2) by striking out "1986" in the heading thereof and inserting in lieu thereof "i98i". SEC. 207. SECTION 189 MADE APPLICABLE TO CERTAIN CORPORATIONS FOR NONRESIDENTIAL REAL PROPERTY,

(a) IN GENERAL.—Subsection (a) of section 189 is amended to read 26 USC 189. as follows: "(a)

CAPITALIZATION OF CONSTRUCTION PERIOD INTEREST AND

TAXES.—Except as otherwise provided in this section or in section 266 (relating to carrying charges), no deduction shall be allowed for real property construction period interest and taxes."

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