Page:United States Statutes at Large Volume 98 Part 1.djvu/953

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 905

after the date of the enactment of this Act with respect to the allocation of the State ceiling. (C) SPECIAL RULE FOR TEXAS.—In the case of Texas, the Governor of such State may take the actions described in subparagraph (A) pursuant to procedures established by the Governor consistent with the State laws of Texas. (5) SPECIAL RULE FOR DETERMINATIONS OF STATISTICAL AREA.—

For purposes of applying section 103A of the Internal Revenue Code of 1954 and any other provision of Federal law— (A) RESCISSION.—The Director of the Office of Management and Budget shall rescind the designation of the Kansas City, Missouri primary metropolitan statistical area (KCMO PMSA) and the designation of the Kansas City, Kansas primary metropolitan statistical area (Kansas City, KS PMSA), and shall not take any action to designate such two primary metropolitan statistical areas as a consolidated metropolitan statistical area. (B) DESIGNATION.—The Director of the Office of Managers ment and Budget shall designate a single metropolitan statistical area which includes the following: (i) Kansas City, Kansas, (ii) Kansas City, Missouri. (iii) The counties of Johnson, Wyandotte, Leavenworth, and Miami in Kansas. (iv) The counties of Cass, Clay, Jackson, Platte, Ray, »; and Lafayette in Missouri. • The metropolitan statistical area designation pursuant to this subsection shall be known as the "Kansas City Missouri-Kansas Metropolitan Statistical Area". (6) TRANSITIONAL RULE FOR KENTUCKY AND NEVADA.—For purposes of section 103A(g) of the Internal Revenue Code of 1954, in the case of Kentucky and Nevada, subclause (I) of section 103A(g)(6)(B)(ii) of such Code shall be applied as if the first day referred to in such subclause were January 1, 1987. (7) REPORT TO CONGRESS.—The Secretary of the Treasury, in

consultation with the Secretary of Housing and Urban Development, shall, not later than January 1, 1987, submit a report to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives regarding the performance of issuers of qualified mortgage bonds and mortgage credit certificates relative to the intent of Congress described in section 103A(j) of the Internal Revenue Code of 1954. SEC. 612. MORTGAGE CREDIT CERTIFICATES.

(a) IN GENERAL.—Subpart A of part IV of subchapter A of chapter 1 (relating to credits against tax) is amended by redesignating section 25 as section 26 and by inserting after section 24 the 26 USC 26. following new section: "SEC 25. INTEREST ON CERTAIN HOME MORTGAGES. "(a) ALLOWANCE OF CREDIT.—

"(1) IN GENERAL.—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the product of— "(A) the certificate credit rate, and

26 USC 25.

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