12 2 STA T . 2 8 8 3PUBLIC LA W 11 0– 28 9—J UL Y 30 , 2008 ‘ ‘ (6)NORECAPTU REO NDIS POSITION O FB UI L DIN GWH ICH CONTINUES IN Q UALIFIED USE .— ‘‘( A ) I N GENERAL.— Theincr e as ein t a xu n d er this su b- secti o n sha l lnota p pl y solely by reason o f the disposition of a buildin g (or an interest therein) if it is reasonably expected that such building w ill continue to be operated asa q ualified low-inco m e building for the remaining compli- ance period with respect to such building. ‘‘( B ) S TATUTE OF LI M ITATIONS.—If a building (or an interest therein) is disposed of during any taxable year and there is any reduction in the qualified basis of such building which results in an increase in tax under this subsection for such taxable or any subsequent taxable year , then— ‘‘(i) the statutory period for the assessment of any deficiency with respect to such increase in tax shall not expire before the expiration of 3 years from the date the Secretary is notified by the taxpayer (in such manner as the Secretary may prescribe) of such reduc- tion in qualified basis, and ‘‘(ii) such deficiency may be assessed before the expiration of such 3-year period notwithstanding the pro v isions of any other law or rule of law which would otherwise prevent such assessment. ’ ’. (d) E NERG Y EFFICIENCY AND H ISTORIC NATURE TA K EN INTO ACCOUNT IN M AKING ALLOCATIONS.—Subparagraph ( C ) of section 42 (m)( 1 ) (relating to plans for allocation of credit among pro j ects) is amended by stri k ing ‘‘and’’ at the end of clause (vii), by striking the period at the end of clause (viii) and inserting a comma, and by adding at the end the following new clauses
‘‘(ix) the energy efficiency of the project, and ‘‘(x) the historic nature of the project.’’. (e) CONTINUED ELIGIBILITY FOR STUDENTS W HO R ECEI V ED F OSTER CARE ASSISTANCE.—Clause (i) of section 42(i)(3)( D )is amended by striking ‘‘or’’ at the end of subclause (I), by redesig- nating subclause (II) as subclause (III), and by inserting after subclause (I) the following new subclause: ‘‘(II) a student who was previously under the care and placement responsibility of the State agency responsible for administering a plan under partBorpartEoftitleI V of the Social Security Act, or’’. (f) TREATMENT OF RURAL P RO J ECTS.—Section 42(i) (relating to definitions and special rules) is amended by adding at the end the following new paragraph: ‘‘( 8 ) TREATMENT OF RURAL PROJECTS.—For purposes of this section, in the case of any project for residential rental property located in a rural area (as defined in section 5 2 0 of the Housing Actof1 9 49), any income limitation measured by reference to area median gross income shall be measured by reference to the greater of area median gross income or national non- metropolitan median income. The preceding sentence shall not apply with respect to any building if paragraph (1) of section 42(h) does not apply by reason of paragraph (4) thereof to any portion of the credit determined under this section with respect to such building.’’. Notif i ca tio n.
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