95 STAT. 236 26 USC 46.
PUBLIC LAW 97-34—AUG. 13, 1981 (2) REHABILITATION PERCENTAGE DEFINED.—Paragraph (2) of
section 46(a) is amended by adding at the end thereof the following new subparagraph: "(F) REHABILITATION PERCENTAGE.—For purposes of this paragraph— "(i) IN GENERAL.—
"In the case of qualified rehabilitation expenditures with respect to a: 30-year building 40-year building Certified historic structure
The rehabilitation percentage is: 15 20 25.
"(ii) REGULAR AND ENERGY PERCENTAGES NOT TO
26 USC 48.
APPLY.—The regular percentage and the energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures, "(iii) DEFINITIONS.— "(I) 80-YEAR BUILDING.—The term *30-year building' means a qualified rehabilitated building other than a 40-year building and other than a certified historic structure. "(II) 40-YEAR BUILDING.—The term *40-year building' means any building (other than a certified historic structure) which would meet the requirements of section 48(g)(1)(B) if *40' were substituted for '30' each place it appears in subparagraph (B) thereof "(HI) CERTIFIED HISTORIC STRUCTURE.—The term 'certified historic structure' has the meaning given to such term by section 48(g)(3)." (3) CONFORMING AMENDMENT.—Section 48(o) (defining certain credits) is amended by adding at the end thereof the following new paragraph: "(8) REHABILITATION INVESTMENT CREDIT.—The term 'rehabilitation investment credit' means that portion of the credit allowable by section 38 which is attributable to the rehabilitation percentage." (b) QUALIFIED REHABIUTATED BUILDINGS AND EXPENDITURES.—Sub-
section (g) of section 48 (relating to special rules for qualified rehabilitated buildings) is amended to read as follows:
"(g) SPECIAL RULES FOR QUALIFIED REHABILITATED BUILDINGS.—For
purposes of this subpart—
"(1) QUALIFIED REHABILITATED BUILDING DEFINED.—
(A) IN GENERAL.—The term 'qualified rehabilitated building' means any building (and its structural components)— "(i) which has been substantially rehabilitated, "(ii) which was placed in service before the beginning of the rehabilitation, and "(iii) 75 percent or more of the existing external walls of which are retained in place as external walls in the rehabilitation process. "(B) 30 YEARS MUST HAVE ELAPSED SINGE CONSTRUCTION.—
In the case of a building other than a certified historic structure, a building shall not be a qualified rehabilitated building unless there is a period of at least 30 years between
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