Page:United States Statutes at Large Volume 98 Part 1.djvu/960

 98 STAT. 912

PUBLIC LAW 98-369—JULY 18, 1984 . (d) CIVIL PENALTIES.—

(1) Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end thereof the following new section: 26 USC 6708. Ante, p. 682.

"SEC. 6708. PENALTIES WITH RESPECT TO MORTGAGE CREDIT CERTIFIGATES. "(a) NEGLIGENCE.—If^

Ante, p. 905.

"(1) any person makes a material misstatement in any verified written statement made under penalties of perjury with respect to the issuance of a mortgage credit certificate, and "(2) such misstatement is due to the negligence of such person, such person shall pay a penalty of $1,000 for each mortgage credit certificate with respect to which such a misstatement was made. "(b) FRAUD.—If a misstatement described in subsection (a)(1) is due to fraud on the part of the person making such misstatement, in addition to any criminal penalty, such person shall pay a penalty of $10,000 for each mortgage credit certificate with respect to which such a misstatement is made. "(c) REPORTS.—Any person required by section 25(g) to file a report with the Secretary who fails to file the report with respect to any mortgage credit certificate at the time and in the manner required by the Secretary shall pay a penalty of $200 for such failure unless it is shown that such failure is due to reasonable cause and not to willful neglect. In the case of any report required under the second sentence of section 25(g), the aggregate amount of the penalty imposed by the preceding sentence shall not exceed $2,000. "(d) MORTGAGE CREDIT CERTIFICATE.—The term 'mortgage credit certificate' has the meaning given to such term by section 25(c)." (2) The table of sections for subchapter B of chapter 68 is amended by adding at the end thereof the following new item: "Sec. 6708. Penalties with respect to mortgage credit certificates." (e) TECHNICAL AMENDMENTS.—

Ante, pp. 826, 827; 26 USC 901. Ante, p. 826.

Ante, p. 838.

26 USC 168.

(1) Sections 28(d)(2), 29(b)(5), 30(g)(1)(A), 38(c)(2), and 901(a), as amended by this Act, are each amended by striking out "section 250t))" and inserting in lieu thereof "section 260t))". (2) Section 23(b)(5), as amended by this Act, is amended by striking out "section 25(a)" and inserting in lieu thereof "section 26(a)" and by striking out "(other than this section)" and inserting in lieu thereof "(other than this section and section 25)". (3) Paragraph (3) of section 55(c) is amended— (A) by striking out "25" each place it appears and inserting in lieu thereof "26", and (B) by striking out "section 23, 30, or 38" and inserting in lieu thereof "section 23, 25, 30, or 38". (4) Clause (iii) of section 168(i)(l)(D), as added by section 208(a) of the Tax Equity and Fiscal Responsibility Act of 1982 and amended by this Act, is amended by striking out "section 25(b)(2)" and inserting in lieu thereof "section 26(b)(2)". (5) Clause (iii) of section 168(i)(l)(D), as added by section 209(b) ot the Tax Equity and Fiscal Responsibility Act of 1982 and amended by this Act, is amended by striking out "section 25(b)(2)" and inserting in lieu thereof "section 26(b)(2)".

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