Sec. 3823. Repeal of provisions relating to renewal communities
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/bill/113/hr/1/ih/section-3823·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter 1 is amended by striking subchapter X (and by striking the item relating to such subchapter in the table of subchapters for such chapter). Section 469(i)(3), as amended by the preceding provisions of this Act, is amended by striking subparagraph
(C)and by redesignating subparagraphs (D), (E), and
(F)as subparagraphs (B), (C), and (D). Section 469(i)(3)(C), as so redesignated, is amended to read as follows: If subparagraph
(B)applies for a taxable year, paragraph
(1)shall be applied— first to the portion of the passive activity loss to which such subparagraph does not apply, and then to the portion of such loss to which such subparagraph does apply. . Section 469(i)(6)(B), as amended by the preceding provisions of this Act, is amended— by striking in the heading, commercial revitalization deduction by striking in the case of— and all that follows through any credit in clause (i), by striking year, or in clause
(i)and inserting year. , and by striking clause (iii). Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act. The amendments made by this section shall not apply to— in the case of the repeal of section 1400F of the Internal Revenue Code of 1986, qualified community assets (as defined in such section, as in effect before its repeal) which were acquired by the taxpayer before January 1, 2010, in the case of the repeal section 1400H of such Code, wages paid or incurred before January 1, 2010, in the case of the repeal of section 1400I of such Code, qualified revitalization buildings (as defined in such section, as in effect before its repeal) which were placed in service before January 1, 2010, and in the case of the repeal of section 1400J of such Code, property acquired before January 1, 2010.