Sec. 202. Extension of basis expenditure deadline
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Clause
(i)of section 42(h)(1)(E) of the Internal Revenue Code of 1986 is amended by inserting (the third calendar year, in the case of an allocation made before January 1, 2023) after second calendar year . Clause
(ii)of section 42(h)(1)(E) of the Internal Revenue Code of 1986 is amended— by striking the date which is 1 year after the date that the allocation was made and inserting the applicable date ; by inserting (or third, if applicable) after second in the first sentence; by inserting (or third) after second in the second sentence; by striking and inserting “ building .—For purposes of building .— For purposes of ; and by adding at the end the following new subclause: For purposes of subclause (I), the applicable date is 1 year after the date that the allocation was made with respect to the building (2 years, in the case of allocations made before January 1, 2023). . The amendments made by this section shall apply to buildings receiving an allocation of housing credit dollar amount after December 31, 2017.