Page:United States Statutes at Large Volume 104 Part 2.djvu/944

This page needs to be proofread.


104 STAT. 1388-536 PUBLIC LAW 101-508 —NOV. 5, 1990 (11) Subsection (a) of section 1250 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: "(4) SPECIAL RULE.— For purposes of this subsection, any ref- erence to section 167(k) or 1670')(2)(B) shall be treated as a reference to such section as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990." (12) Paragraph (4) of section 1250(b) is amended by striking "167(k)" each place it appears and inserting "167(k) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)". (13) Subparagraph (B) of section 7701(e)(5) is amended by inserting before the period at the end thereof the following: "(as in effect on the day before the date of the enactment of the Revenue Reconcilation Act of 1990)". 26 USC 42 note. (c) EFFECTIVE DATE.— (1) IN GENERAL.— Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after the date of the enactment of this Act. (2) EXCEPTION. —The amendments made by this section shall not apply to any property to which section 168 of the Internal Revenue Code of 1986 does not apply by reason of subsection (f)(5) thereof. (3) EXCEPTION FOR PREVIOUSLY GRANDFATHER EXPENDITURES. — The amendments made by this section shall not apply to rehabilitation expenditures described in section 252(f)(5) of the Tax Reform Act of 1986 (as added by section 1002(1)(31) of the Technical and Miscellaneous Revenue Act of 1988). SEC. 11813. ELIMINATION OF EXPIRED OR OBSOLETE INVESTMENT TAX CREDIT PROVISIONS. (a) GENERAL RULE.— Subpart E of part IV of subchapter A of chapter 1 is amended to read as follows: "Subpart E—Rules for Computing Investment Credit "Sec. 46. Amount of credit. "Sec. 47. Rehabilitation credit. "Sec. 48. Energy credit; reforestation credit. "Sec. 49. At-risk rules. "Sec. 50. Other special rules. "SEC. 46. AMOUNT OF CREDIT. ^^ For purposes of section 38, the amount of the investment credit determined under this section for any taxable year shall be the sum of- "(1) the rehabilitation credit, "(2) the energy credit, and "(3) the reforestation credit. "SEC. 47. REHABILITATION CREDIT. "(a) GENERAL RULE. —For purposes of section 46, the rehabilitation credit for any taxable year is the sum of— "(1) 10 percent of the qualified rehabilitation expenditures with respect to any qualified rehabilitated building other than a certified historic structure, and "(2) 20 percent of the qualified rehabilitation expenditures with respect to any certified historic structure.

    • So in original. Probably should be " "For".