Page:United States Statutes at Large Volume 98 Part 1.djvu/956

 98 STAT. 908

PUBLIC LAW 98-369—JULY 18, 1984 "(A) IN GENERAL.—In the case of each qualified mortgage credit certificate program, the sum of the products determined by multiplying— "(i) the certified indebtedness amount of each mortgage credit certificate issued under such program, by "(ii) the certificate credit rate with respect to such certificate, shall not exceed 20 percent of the nonissued bond amount. "(B) NONISSUED BOND AMOUNT.—For purposes of subparagraph (A), the term 'nonissued bond amount' means, with respect to any qualified mortgage credit certificate program, the amount of qualified mortgage bonds which the issuing authority is otherwise authorized to issue and elects not to issue under subsection (c)(2)(A)(ii). "(3) ADDITIONAL LIMIT IN CERTAIN CASES.—In the case of a qualified mortgage credit certificate program in a State which— "(A) has a State ceiling (as defined in section 103A(g)(4)) for the year an election is made that exceeds 20 percent of the average annual aggregate principal amount of mortgages executed during the immediately preceding 3 calendar years for single family owner-occupied residences located within the jurisdiction of such State, or "(B) issued qualified mortgage bonds in an aggregate amount less than $150,000,000 for calendar year 1983, the certificate credit rate for any mortgage credit certificate shall not exceed 20 percent unless the issuing authority submits a plan to the Secretary to ensure that the weighted average of the certificate credit rates in such mortgage credit certificate program does not exceed 20 percent and the Secretary approves such plan. "(e) SPECIAL RULES AND DEFINITIONS.—For purposes of this section— "(1) CARRYFORWARD OF UNUSED CREDIT.—

Ante, p. 905.

"(A) IN GENERAL.—If the credit allowable under subsection (a) for any taxable year exceeds the applicable tax limit for such taxable year, such excess shall be a carryover to each of the 3 succeeding taxable years and, subject to the limitations of subparagraph (B), shall be added to the credit allowable by subsection (a) for such succeeding taxable year. "(B) LIMITATION.—The amount of the unused credit which may be taken into account under subparagraph (A) for any taxable year shall not exceed the amount by which the applicable tax limit for such taxable year exceeds the sum of the amounts which, by reason of this paragraph, are carried to such taxable year and are attributable to taxable years before the unused credit year. "(C) APPLICABLE TAX LIMIT.—For purposes of this paragraph, the term 'applicable tax limit means the limitation imposed by section 26(a) for the taxable year reduced by the sum of the credits allowable under this subpart (other than this section). "(2) INDEBTEDNESS NOT TREATED AS CERTIFIED WHERE CERTAIN REQUIREMENTS NOT IN FACT MET.—Subsection (a) shall not apply

to any indebtedness if all the requirements of subsection (d)(1), (e), (f), and (j) of section 103A and clauses (iv), (v), and (vii) of subsection (c)(2)(A)", were not in fact met with respect to such

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