Page:United States Statutes at Large Volume 98 Part 1.djvu/957

 PUBLIC LAW 98-369—JULY 18, 1984 indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met. "(3) PERIOD FOR WHICH CERTIFICATE IN EFFECT.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), a mortgage credit certificate shall be treated as in effect with respect to interest attributable to the period— "(i) beginning on the date such certificate is issued, and "(ii) ending on the earlier of the date on which— "(I) the certificate is revoked by the issuing authority, or "(ID the residence to which such certificate relates ceases to be the principal residence of the individual to whom the certificate relates. "(B) CERTIFICATE INVALID UNLESS INDEBTEDNESS INCURRED WITHIN CERTAIN PERIOD.—A certificate shall not apply to

any indebtedness which is incurred after the close of the second calendar year following the calendar year for which the issuing authority made the applicable election under subsection (c)(2)(A)(ii). "(C) NOTICE TO SECRETARY WHEN CERTIFICATE REVOKED.—

Any issuing authority which revokes any mortgage credit certificate shall notify the Secretary of such revocation at such time and in such manner as the Secretary shall prescribe by regulations. "(4) REISSUANCE OF MORTGAGE CREDIT CERTIFICATES.—The Secretary may prescribe regulations which allow the administrator of a mortgage credit certificate program to reissue a mortgage credit certificate specifying a certified mortgage indebtedness that replaces the outstanding balance of the certified mortgage indebtedness specified on the original certificate to any taxpayer to whom the original certificate was issued, under such terms and conditions as the Secretary determines are necessary to ensure that the amount of the credit allowable under subsection (a) with respect to such reissued certificate is equal to or less than the amount of credit which would be allowable under subsection (a) with respect to the original certificate for any taxable year ending after such reissuance. "(5) PUBLIC NOTICE THAT CERTIFICATES WILL BE ISSUED.—At

least 90 days before any mortgage credit certificate is to be issued after a qualified mortgage credit certificate program, the issuing authority shall provide reasonable public notice of— "(A) the eligibility requirements for such certificate, "(B) the methods by which such certificates are to be issued, and "(C) such other information as the Secretary may require. "(6)

INTEREST PAID OR ACCRUED TO RELATED PERSONS.—No

credit shall be allowed under subsection (a) for any interest paid or accrued to a person who is a related person to the taxpayer (within the meaning of section 103G))(6)(C)(i)). "(7) PRINCIPAL RESIDENCE.—The term 'principal residence' has the same meaning as when used in section 1034. "(8)

QUALIFIED REHABIUTATION AND HOME IMPROVEMENT.—

98 STAT. 909

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