Page:United States Statutes at Large Volume 104 Part 2.djvu/882

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104 STAT. 1388-474 PUBLIC LAW 101-508—NOV. 5, 1990 SEC. 11406. ENERGY INVESTMENT CREDIT FOR SOLAR AND GEOTHERMAL PROPERTY. The table contained in section 46(b)(2)(A) (relating to energy percentage) is amended by striking "Sept. 30, 1990" in clauses (viii) and (ix) and inserting "Dec. 31, 1991". SEC. 11407. LOW-INCOME HOUSING CREDIT. (a) EXTENSION. — (1) IN GENERAL. —Subsection (o) of section 42 (relating to lowincome housing credit) is amended— (A) by striking "1990" each place it appears in paragraph (1) and inserting "1991", and (B) by striking paragraph (2) and inserting the following new paragraph: " (2) EXCEPTION FOR BOND-FINANCED BUILDINGS IN PROGRESS.— For purposes of paragraph (I)(B), a building shall be treated as placed in service before 1992 if^ "(A) the bonds with respect to such building are issued before 1992, "(B) the taxpayer's basis in the project (of which the building is a part) as of December 31, 1991, is more than 10 percent of the taxpayer's reasonably expected basis in such project as of December 31, 1993, and "(C) such building is placed in service before January 1, 1994. " (2) CONFORMING AMENDMENT.— Subsection (a) of section 7108 26 USC 42 note. of the Revenue Reconciliation Act of 1989 is amended by striking paragraph (2). 26 USC 42 note. (3) EFFECTIVE DATE. —The amendments made by this subsection shall apply to calendar years after 1989. (b) ADDITIONAL AMENDMENTS. — (1) CLARIFICATION OF TENANT RIGHTS OF IST REFUSAL.—Paragraph (7) of section 42(i), as redesignated by subtitle G of this title, is amended by striking "the tenants of such building" and inserting "the tenants (in cooperative form or otherwise) or resident management corporation of such building or by a qualified nonprofit organization (as defined in subsection (h)(5)(C)) or government agency". (2) MONITORING NONCOMPUANCE.—Clause (iv) of section 42(m)(l)(B) is amended to read as follows: "(iv) which provides a procedure that the agency (or an agent or other private contractor of such agency) will follow in monitoring for noncompliance with the provisions of this section and in notifying the Internal Revenue Service of such noncompliance which such agency becomes aware of." (3) TREATMENT OF SECTION 515 RENTS. —Subparagraph (B) of section 42(g)(2) is amended by striking "and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ", and", and by inserting after clause (iii) the following new clause: "(iv) does not include any rental payment to the owner of the unit to the extent such owner pays an equivalent amount to the Farmers' Home Administration under section 515 of the Housing Act of 1949." (4) QUALIFIED CENSUS TRACT DETERMINATIONS WHERE DATA NOT AVAILABLE.— Subclause (I) of section 42(d)(5)(C)(ii) is amended by