PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2197
"(5) ELECTION TO TREAT BUILDING AFTER COMPLIANCE PERIOD AS
NOT PART OF A PROJECT.—For purposes of this section, the taxpayer may elect to treat any building as not part of a qualified low-income housing project for any period beginning after the compliance period for such building. "(h) LIMITATION ON AGGREGATE CREDIT ALLOWABLE WITH RESPECT TO PROJECTS LOCATED IN A STATE.— "(1) CREDIT MAY NOT EXCEED CREDIT AMOUNT ALLOCATED TO
BUILDING.—No credit shall be allowed by reason of this section for any taxable year with respect to any building in excess of the housing credit dollar amount allocated to such building under this subsection. An allocation shall be taken into account under the preceding sentence only if it occurs not later than the earlier of— "(A) the 60th day after the close of the taxable year, or "(B) the close of the calendar year in which such taxable year ends. "(2): ALLOCATED CREDIT AMOUNT TO APPLY TO ALL TAXABLE YEARS ENDING DURING OR AFTER CREDIT ALLOCATION YEAR.—ANY
housing credit dollar amount allocated to any building for any calendar year— "(A) shall apply to such building for all taxable years in the compliance period ending during or after such calendar year, and "(B) shall reduce the aggregate housing credit dollar amount of the allocating agency only for such calendar year. "(3) HOUSING CREDIT DOLLAR AMOUNT FOR AGENCIES.—
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"(A) IN GENERAL.—The aggregate housing credit dollar amount which a housing credit agency may allocate for any calendar year is the portion of the State housing credit ceiling allocated under this paragraph for such calendar year to such agency. "(B) STATE CEIUNG INITIALLY ALLOCATED TO STATE HOUS-
ING CREDIT AGENCIES.—Except as provided in subpara-
graphs (D) and (E), the State housing credit ceiling for each calendar year shall be allocated to the housing credit agency of such State. If there is more than 1 housing credit agency of a State, all such agencies shall be treated as a single agency. "(C) STATE HOUSING CREDIT CEIUNG.—The State housing credit ceiling applicable to any State for any calendar year shall be an amount equal to $1.25 multiplied by the State population. "(D) SPECIAL RULE FOR STATES WITH CONSTITUTIONAL HOME
RULE CITIES.—For purposes of this subsection— "(i) IN GENERAL.—The aggregate housing credit dollar amount for any constitutional home rule city for any calendar year shall be an amount which bears the same ratio to the State housing credit ceiling for such , calendar year as— "(I) the population of such city, bears to "(II) the population of the entire State. "(ii) COORDINATION WITH OTHER ALLOCATIONS.—In the
case of any State which contains 1 or more constitutional home rule cities, for purposes of applying this paragraph with respect to housing credit agencies in
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