,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aada  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #aa1 #bjac ,mr4  
,c>d9 7= himself1 ,ms4 ,coll9s1 ,mr4    
,s*um]1 & ,ms4 ,/ab5[7 introduc$ !      
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to exp& ! rehabilitation cr$it1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,creat+ ,am]ican   
,prosp]ity ?r\gh ,pres]vation ,act (    
#bjac4  #b4 ,increase 9 ! rehabilitation
 cr$it = c]ta9 small] projects  7a7 ,9  
g5]al ,section #dg ( ! ,int]nal ,rev5ue 
,code ( #aihf 7relat+ to rehabilitation 
cr$it7 is am5d$ by add+ at ! end !      
foll[+ new subsection3  7e7 ,special    
rule reg>d+ c]ta9 small] projects  7#a7 
,9 g5]al ,9 ! case ( any qualifi$       
rehabilitat$ build+ or portion !re(--   
7,a7 :i* is plac$ 9 s]vice aft] ! date (
 ! enactm5t ( ?is subsection1 &  7,b7   
:i* is a small] project1  subsection    
7a77#b7 %all be appli$ by sub/itut+ #cj 

p]c5t = #bj p]c5t4  7#b7 ,maximum cr$it 
,! cr$it det]m9$ "u ?is subsection )    
respect to any small] project = all     
taxable ye>s %all n exce$ #a1ejj1jjj4   
7#c7 ,small] project def9$  7,a7 ,9     
g5]al ,= purposes ( ?is subsection1 !   
t]m small] project means any qualifi$   
rehabilitat$ build+ or portion !re( if--
  7i7 ! qualifi$ rehabilitation         
exp5ditures tak5 into acc\nt = purposes 
( ?is section 7or w\ld h be5 s tak5 into
 acc\nt if ?is subsection _h be5 9      
effect = all prior p]iods7 ) respect to 
! rehabilitation are n ov] #g1ejj1jjj1 &
  7ii7 no cr$it 0 all[$ "u ?is section =
 ei!r ( ! #b prior taxable ye>s )       
respect to su* build+4  7,b7 ,progress  
exp5ditures ,cr$it all[able by reason ( 
subsection 7d7 %all n be tak5 into      
acc\nt "u subp>agraph 7,a77ii74  4  7b7 
,effective ,date ,! am5dm5t made by ?is 
section %all apply to p]iods aft] ! date
 ( ! enactm5t ( ?is ,act1 "u rules      
simil> to ! rules ( section #dh7m7 ( !  
,int]nal ,rev5ue ,code ( #aihf 7z 9     

effect on ! day be=e ! date ( ! enactm5t
 ( ! ,rev5ue ,reconciliation ,act (     
#aiij74  #c4 ,addition ( en]gy effici5cy
 supplem5t to rehabilitation cr$it  7a7 
,9 g5]al ,subsection 7a7 ( section #dg (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by /rik+ & at ! end ( p>agraph    
7#a71 by /rik+ ! p]iod at ! end (       
p>agraph 7#b7 & ins]t+ 1 &1 & by add+ at
 ! end ! foll[+ new p>agraph3  7#c7 #b  
p]c5t ( ! qualifi$ rehabilitation       
exp5ditures if ! build+ is a qualifi$   
en]gy effici5t rehabilitat$ build+4  4  
7b7 ,qualifi$ en]gy effici5t            
rehabilitat$ build+ ,section #dg ( su*  
,code1 z am5d$ by section #b1 is am5d$  
by add+ at ! end ! foll[+ new           
subsection3  7f7 ,qualifi$ en]gy        
effici5t rehabilitat$ build+  7#a7 ,9   
g5]al ,! t]m qualifi$ en]gy effici5t    
rehabilitat$ build+ means any build+ 7& 
its /ructural compon5ts7 if--  7,a7 !   
build+ is a qualifi$ rehabilitat$       
build+1 &  7,b7 7i7 ! rehabilitation is 
c]tifi$ 79 accordance ) p>agraph 7#d77 z

 be+ design$ to a*ieve at lea/ a #cj    
p]c5t en]gy use r$uction 9 ! build+'s   
en]gy use1 or  7ii7 ! build+ meets !    
requirem5ts ( p>agraph 7#b77;,b77ii7 &  
is det]m9$ "u p>agraph 7#b77;,b7 to     
a*ieve at lea/ a #cj p]c5t en]gy use    
r$uction aft] be+ rehabilitat$4  7#b7   
,det]m9ation ( en]gy use r$uction ,=    
purposes ( p>agraph 7#a7--  7,a7        
,design-bas$ /&>ds  7i7 ,build+s )9 !   
scope ( /&>d #ij4a-bjjg ,if ! build+ is 
)9 ! scope ( ,/&>d #ij4a-bjjg1 ! design$
 r$uction 9 en]gy use %all be det]m9$   
us+ me?ods ( calculation "u p>agraph    
7#c7 9 comp>ison to a ref]5ce build+ :i*
 meets ! m9imum requirem5ts ( su* /&>d4 
7ii7 ,,resnet build+s ,if ! build+ is )9
 ! scope ( ,,resnet1 ! design$ r$uction 
9 en]gy use %all be det]m9$ us+ me?ods  
prescrib$ by ! ,secret>y :i* are bas$ on
 ! ,resid5tial ,en]gy ,s]vices ,network 
,te*nical ,guidel9es4  7iii7 ,o!r       
build+s ,if nei!r clause 7i7 or 7ii7    
apply to ! build+1 ! design$ r$uction 9 
en]gy use %all be det]m9$ us+ me?ods (  

calculation prescrib$ by ! ,secret>y 9 a
 mann] :i* is consi/5t ) pr9ciples "u   
p>agraph 7#c74  7,b7 ,measur$ r$uctions 
7i7 ,9 g5]al ,9 ! case ( build+s :i*    
meet ! requirem5ts ( clause 7ii71 !     
taxpay] may det]m9e ! r$uction 9 en]gy  
usage by comp>+ ! en]gy usage dur+ !    
p]iod select$ by ! taxpay] "u clause    
7ii77,i7 ) ! en]gy usage dur+ ! p]iod   
select$ by ! taxpay] "u clause          
7ii77,,ii74  7ii7 ,build+ requirem5ts ,a
 build+ meets ! requirem5ts ( ?is clause
 if--  7,i7 ! build+ is at lea/ #ge     
p]c5t occupi$ dur+ any p]iod 7b n less  
?an #ab mon?s7 select$ by ! taxpay] :i* 
ends dur+ ! #e-ye> p]iod end+ on ! date 
t ! rehabilitation beg9s1 &  7,,ii7 !   
build+ is at lea/ #ge p]c5t occupi$ dur+
 ! comp>able p]iod select$ by ! tax-    
pay] :i* beg9s dur+ ! #e-ye> p]iod      
beg9n+ on ! date t ! rehabilitation is  
complet$4  7iii7 ,en]gy /> build+s ,!   
r$uction 9 en]gy use = build+s )9 !     
scope ( ,en]gy ,/>t ,portfolio ,manag]  
may be det]m9$ = purposes ( ?is         

subp>agraph by us+ ! ,en]gy ,/>         
,portfolio ,manag] ,build+s ,b5*m>k     
,tool4  7iv7 ,special rules ,! ,secret>y
 %all prescribe regulations :i* preclude
 ! use ( ?is subp>agraph1 or modify !   
me?ods o!rwise applicable "u ?is        
subp>agraph1 9 circum/ance :]e          
vacancies1 *anges 9 use1 & o!r factors  
:i* might o!rwise yield 9 mat]ially     
mislead+ results4  7v7 ,ye> cr$it       
all[able ,9 ! case ( a build+ :i* is a  
qualifi$ en]gy effici5t rehabilitat$    
build+ solely by reason ( ?is           
subp>agraph1 ! increase 9 ! cr$it "u    
subsection 7a77#c7 ) respect to su*     
build+ %all be tak5 into acc\nt = !     
taxable ye> :i* includes ! end ( ! p]iod
 select$ by ! taxpay] "u clause         
7ii77,,ii7 9 lieu ( ! taxable ye> 9 :i* 
! rehabilitat$ build+ is plac$ 9 s]vice4
  7#c7 ,me?ods ( calculations  7,a7 ,9  
g5]al ,! ,secret>y1 aft] consultation ) 
! ,secret>y ( ,en]gy1 %all promulgate   
regulations :i* describe 9 detail me?ods
 = calculat+ & v]ify+ en]gy & p[]       

consumption & co/1 bas$ on ,app5dix ,g (
 ,/&>d #ij4a-bjjg 7or any subsequ5t     
v]sion ( su* ,app5dix :i* is 9 effect at
 ! "t ( ! c]tification74  7,b7 ,comput] 
s(tw>e  7i7 ,9 g5]al ,any calculation "u
 subp>agraph 7,a7 %all be prep>$ by     
qualifi$ comput] s(tw>e4  7ii7 ,qualifi$
 comput] s(tw>e ,= purposes (           
subp>agraph 7,a71 ! t]m qualifi$ comput]
 s(tw>e means s(tw>e--  7,i7 :i* is     
includ$ 7at ! "t ( ! c]tification7 on ! 
publi%$ li/ ( qualifi$ s(tw>e by !      
,dep>tm5t ( ,en]gy1  7,,ii7 :i* provides
 su* in=mation z ! ,secret>y may        
require1 includ+ in=mation t all[s ! us]
 to docum5t ! en]gy effici5cy features (
 ! build+ & its project$ annual en]gy   
co/s1 &  7,,iii7 :i* provides /&>diz$   
outputs = build+ en]gy p]=mance &1 to ! 
maximum ext5t practicable1 relies on    
indu/ry be/ practices & exi/+ guidel9es4
  7#d7 ,c]tifications  7,a7 ,9 g5]al ,! 
,secret>y %all prescribe ! mann] & me?od
 = ! mak+ ( c]tifications "u ?is        
subsection4  7,b7 ,proc$ures ,!         

,secret>y %all include z "p ( !         
c]tification process proc$ures =        
inspection & te/+ by qualifi$           
individuals describ$ 9 subp>agraph 7,c7 
to ensure compliance ( build+s )        
en]gy-sav+s plans & t>gets4 ,su*        
proc$ures %all be comp>able1 giv5 !     
diff]5ce betwe5 comm]cial & resid5tial  
build+s1 to ! requirem5ts 9 ! ,mortgage 
,indu/ry ,national ,accr$itation        
,proc$ures = ,home ,en]gy ,rat+ ,sy/ems4
  7,c7 ,qualifi$ individuals            
,individuals qualifi$ to det]m9e        
compliance %all be only ^? individuals  
:o are recogniz$ by an organization     
c]tifi$ by ! ,secret>y = su* purposes4  
,= purposes ( ! prec$+ s5t5ce1 an       
individual %all n be qualifi$ ) respect 
to a build+ unless ! individual is--    
7i7 a regi/]$ pr(essional eng9e]1  7ii7 
n a direct employee ( ! own] ( !        
comm]cial build+ or multifamily build+1 
&  7iii7 lic5s$ 9 ! ,/ate 9 :i* su*     
build+ is locat$4  7#e7 ,/&>d #ij4a-bjjg
 ,= purposes ( ?is subsection1 ! t]m    

,/&>d #ij4a-bjjg means ,/&>d #ij4a-bjjg 
( ! ,am]ican ,society ( ,heat+1         
,refrig]at+1 & ,air ,condition+ ,eng9e]s
 & ! ,illum9at+ ,eng9e]+ ,society (     
,nor? ,am]ica 7or any subsequ5t v]sion (
 su* ,/&>d :i* is 9 effect at ! "t ( !  
c]tification74  7#f7 ,allocation ( cr$it
 = tax-exempt prop]ty ,p>agraphs 7#c7 & 
7#d7 ( section #ej7;b71 & clause 7v7 (  
subsection 7c77#b77;,b71 %all n apply to
 ^? qualifi$ rehabilitation exp5ditures 
t are tak5 into acc\nt = purposes (     
c]tify+ a build+ z a qualifi$ en]gy     
effici5t rehabilitat$ build+ "u ?is     
subsection4 ,any rehabilitation cr$it   
:i* is all[able by reason ( ! prec$+    
s5t5ce may be assign$ to any o!r p]son1 
& su* o!r p]son %all be treat$ z !      
taxpay] ) respect !reto4  7#g7          
,coord9ation ,! ,secret>y %all designate
 processes = track+ ! numb]s & locations
 ( build+s claim+ ! rehabilitation by   
reason ( ?is subsection1 z well z       
provid+ in=mation on project$ & actual  
sav+s ( en]gy & its value ov] "t 9      

coord9ation ) ! ,dep>tm5t ( ,en]gy4     
7#h7 ,regulations ,! ,secret>y1 aft]    
consultation ) ! ,adm9i/rator ( !       
,environm5tal ,protection ,ag5cy & !    
,secret>y ( ! ,int]ior1 %all promulgate 
su* regulations z may be necess>y or    
appropriate to c>ry out ! purposes ( ?is
 subsection1 includ+ regulations--  7,a7
 to take into acc\nt new te*nologies    
reg>d+ en]gy effici5cy & r5ewable en]gy 
= purposes ( det]m9+ en]gy effici5cy &  
sav+s "u ?is subsection1 &  7,b7 to     
provide = a recapture ( ! cr$it det]m9$ 
"u ?is subsection if ! design ref]r$ to 
9 p>agraph 7#a77;,b7 is n fully         
implem5t$4  4  7c7 ,sub/antial          
rehabilitation requirem5t n ,to apply to
 en]gy effici5cy supplem5t ,subp>agraph 
7,a7 ( section #dg7;c77#a7 ( su* ,code  
7def9+ qualifi$ rehabilitat$ build+7 is 
am5d$ by add+ at ! end ! foll[+ new flu%
 s5t5ce3  ,clause 7i7 %all n apply to s 
mu* ( ! rehabilitation cr$it z is       
det]m9$ "u subsection 7a77#c74 4  7d7   
,effective dates  7#a7 ,9 g5]al ,except 

z provid$ 9 p>agraph 7#b71 ! am5dm5ts   
made by ?is section %all apply to       
prop]ty plac$ 9 s]vice aft] ! date ( !  
enactm5t ( ?is ,act4  7#b7 ,waiv] (     
sub/antial rehabilitation requirem5t ,! 
waiv] ( ! requirem5t ( section          
#dg7;c77#a77;,a77i7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf made by section          
#dg7;f77#a77;,a7 ( su* ,code1 z add$ by 
?is ,act1 %all apply ) respect to       
rehabilitations ! physical "w on :i*    
beg9s aft] ! date ( ! enactm5t ( ?is    
,act4  #d4 ,modification to def9ition ( 
qualifi$ rehabilitation exp5diture  7a7 
,9 g5]al ,clause 7i7 ( section          
#dg7;c77#b77;,a7 ( ! ,int]nal ,rev5ue   
,code ( #aihf 7relat+ to ! def9ition (  
qualifi$ rehabilitation exp5ditures7 is 
am5d$ by /rik+ or at ! end ( subclause  
7,,iii71 by /rik+ subclause 7,,iv71 & by
 ins]t+ aft] subclause 7,,iii7 ! foll[+ 
new subclauses3  7,,iv7 rehabilitat$    
build+ en]gy effici5cy prop]ty1 or  7,v7
 an addition or improvem5t to prop]ty   
describ$ 9 subclause 7,i71 7,,ii71      

7,,iii71 or 7,,iv71 &  4  7b7           
,rehabilitat$ build+ en]gy effici5cy    
prop]ty ,section #dg7;c77#b7 ( su* ,code
 is am5d$ by add+ at ! end ! foll[+ new 
subp>agraph3  7,e7 ,rehabilitat$ build+ 
en]gy effici5cy prop]ty  7i7 ,9 g5]al ,=
 purposes ( subp>agraph 7,a71 ! t]m     
rehabilitat$ build+ en]gy effici5cy     
prop]ty means prop]ty :i* is c]tifi$ z  
be+--  7,i7 affix$ to1 adjac5t to1 or   
integral to ! provision ( r5ewable en]gy
 to a qualifi$ rehabilitat$ build+1 or  
7,,ii7 in/all$ z "p ( a plan design$ to 
a*ieve any en]gy use r$uction 7)9 !     
mean+ ( subsection 7f774  ,subp>agraph  
7,b77i7 %all n apply to rehabilitat$    
build+ en]gy effici5cy prop]ty4  7ii7   
,c]tification ,! ,secret>y %all         
prescribe ! mann] & me?od = ! mak+ (    
c]tifications "u clause 7i74  4  7c7    
,enl>gem5ts ,clause 7iii7 ( section     
#dg7;c77#b77;,b7 ( su* ,code is am5d$ by
 add+ at ! end ! foll[+ new s5t5ce3 ,!  
prec$+ s5t5ce %all n apply to any       
rehabilitat$ build+ en]gy effici5cy     

prop]ty :i* is an addition or improvem5t
 to a build+44  7d7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to qualifi$ rehabilitat$ build+s plac$ 9
 s]vice aft] ! date ( ! enactm5t ( ?is  
,act4  #e4 ,coord9ation ( en]gy cr$it ) 
rehabilitation cr$it  7a7 ,9 g5]al      
,p>agraph 7#b7 ( section #dh7;a7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ subp>agraph 7,b74  7b7 ,con=m+ 
am5dm5ts ,p>agraph 7#b7 ( section       
#dh7;a7 ( su* ,code is am5d$--  7#a7 by 
r$esignat+ subp>agraph 7,a77ii7 z       
subp>agraph 7,b7 & mov+ su* subp>agraph 
#b ems to ! left1  7#b7 by r$esignat+   
subclauses 7,i7 ?r\gh 7,,iv7 (          
subp>agraph 7,a77i7 z clauses 7i7 ?r\gh 
7iv71 respectively1 & by mov+ su*       
clauses #b ems to ! left1 &  7#c7 by    
/rik+ s mu* ( su* p>agraph z prec$es #cj
 p]c5t 9 ! case (-- & ins]t+ ! foll[+3  
7#b7 ,en]gy p]c5tage ,! en]gy p]c5tage  
is--  7,a7 #cj p]c5t 9 ! case (--  4    
7c7 ,basis r$uction ,p>agraph 7#c7 (    
section #ej7;c7 ( su* ,code is am5d$ by 

add+ at ! end ! foll[+ new flu% s5t5ce3 
,9 ! case ( prop]ty t qualifies = bo? ! 
en]gy cr$it & ! rehabilitation cr$it1 ! 
prec$+ s5t5ce %all be appli$ by         
sub/itut+ none = only #ej p]c5t ea*     
place x appe>s44  7d7 ,effective date ,!
 am5dm5ts made by ?is section %all apply
 to prop]ty plac$ 9 s]vice aft] ! date (
 ! enactm5t ( ?is ,act4  #f4 ,date by   
:i* build+ mu/ be fir/ plac$ 9 s]vice   
7a7 ,9 ,g5]al ,subp>agraph 7,b7 (       
section #dg7;c77#a7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf 7relat+ to ! date by :i* 
build+ mu/ be fir/ plac$ 9 s]vice7 is   
am5d$--  7#a7 by /rik+ ,build+ mu/ be   
fir/ plac$ 9 s]vice be=e #aicf & ins]t+ 
,date by :i* build+ mu/ fir/ be plac$ 9 
s]vice1 &  7#b7 by /rik+ be=e #aicf &   
ins]t+ no less ?an #ej ye>s prior to !  
ye> 9 :i* qualifi$ rehabilitation       
exp5ditures are tak5 into acc\nt "u     
subsection 7b77#a74  7b7 ,effective     
,date ,! am5dm5t made by ?is section    
%all apply to prop]ty plac$ 9 s]vice    
aft] ! date ( ! enactm5t ( ?is ,act4    

#g4 ,modifications reg>d+ c]ta9         
tax-exempt use prop]ty  7a7 ,9 ,g5]al   
,clause 7,i7 ( section                  
#dg7;c77#b77;,b77v7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf 7relat+ to tax-exempt use
 prop]ty7 is am5d$ by ins]t+ &          
subclauses 7,i71 7,,ii71 & 7,,iii7 (    
section #afh7;h77#a77;,b77ii7 %all n    
apply aft] !re(4  7b7 ,effective ,date  
,! am5dm5ts made by ?is section %all    
apply to prop]ty plac$ 9 s]vice aft] !  
date ( ! enactm5t ( ?is ,act4  #h4      
,special rules = dispositions ( ,/ate   
hi/oric tax cr$its  7a7 ,9 g5]al ,"p    
,,iii ( sub*apt] ,b ( *apt] #a ( !      
,int]nal ,rev5ue ,code ( #aihf 7relat+  
to items specifically exclud$ f gross   
income7 is am5d$ by ins]t+ aft] section 
#aci;,d ! foll[+ new section3  #aci;,e4 
,dispositions ( ,/ate hi/oric tax cr$its
  7a7 ,exclusion f income2 basis        
r$uction  7#a7 ,9 g5]al ,9 ! case ( a   
taxpay] :o receives a ,/ate hi/oric tax 
cr$it & transf]s su* cr$it by sale1     
allocation1 or o!rwise1 or receives a   

refund ( all or a portion ( su* cr$it-- 
7,a7 no portion ( ! net proce$s ( su*   
allocation1 disposition1 or refund ( su*
 cr$it %all con/itute income to su*     
taxpay] "u section #fa7;a71 &  7,b7 !   
taxpay]'s basis 9 ! prop]ty ) respect to
 :i* ! ,/ate hi/oric tax cr$it is all[$ 
%all be r$uc$ z det]m9$ "u p>agraph     
7#b74  7#b7 ,det]m9ation ( r$uction 9   
basis ,! r$uction 9 basis "u p>agraph   
7#a7 %all be appli$--  7,a7 fir/1 aga9/ 
! basis 9 ! l&1  7,b7 second1 aga9/ s   
mu* ( ! basis ( any build+ or int]e/    
!re9 z 0 n treat$ z a qualifi$          
rehabilitation exp5diture by reason (   
clause 7ii7 or 7iii7 ( section          
#dg7;c77#b77;,b71 &  7,c7 ?ird1 aga9/ ! 
rema9+ basis 9 ! prop]ty4  7,d7         
,adju/m5t 9 basis ( int]e/ 9 p>tn]%ip or
 s corporation ,! adju/$ basis (--  7i7 
a p>tn]'s int]e/ 9 a p>tn]%ip1 or  7ii7 
/ock 9 an ,s corporation 7z def9$ 9     
section #acfa7;a77#a771  %all be        
appropriately adju/$ to take into acc\nt
 adju/m5ts made "u ?is subsection 9 !   

basis ( prop]ty held by ! p>tn]%ip or ,s
 corporation 7if any74  7b7 ,election   
,to include 9 income  7#a7 ,9 g5]al ,9 !
 case ( a taxpay] elects to h ?is       
subsection apply--  7,a7 ! net proce$s (
 ! allocation1 disposition1 or refund   
describ$ 9 subsection 7a7 receiv$ by su*
 taxpay] %all con/itute income to su*   
taxpay] "u section #fa7;a71 &  7,b7     
subsection 7a77#a77;,b7 %all n apply4   
7#b7 ,mak+ ( election ,an election "u   
?is subsection %all be made at su* "t & 
9 su* mann] z ! ,secret>y ( ! ,treasury 
may by regulation prescribe4 ,su*       
election %all apply = ! taxable ye> =   
:i* x is made & = all subsequ5t taxable 
ye>s & may be revok$ only ) ! cons5t ( !
 ,secret>y ( ! ,treasury4  7c7 ,effect  
on qualifi$ rehabilitation exp5ditures &
 rehabilitation cr$its ,= purposes (    
det]m9+ ! rehabilitation cr$it all[able 
to a taxpay] "u section #dg1 ! transf]  
or allocation ( ,/ate hi/oric tax cr$its
 ) respect to any prop]ty by a taxpay]  
%all n affect or r$uce ! am\nt (        

qualifi$ rehabilitation exp5ditures 7z  
def9$ 9 section #dg7;c77#b77 incurr$ 9  
connection ) su* prop]ty1 nor %all su*  
transf] or disposition1 nor any basis   
adju/m5ts "u subsection 7a71 be treat$ z
 an e>ly disposition ( inve/m5t cr$it   
prop]ty = purposes ( ! recapture        
provisions ( section #ej4  7d7 ,/ate    
hi/oric tax cr$its def9$ ,= purposes (  
?is section1 ! t]m ,/ate hi/oric tax    
cr$it means any cr$it aga9/ ,/ate or    
local tax liabilities :i*--  7#a7 is    
all[able "u ! laws ( any ,/ate or       
political subdivision !re( to a taxpay] 
) respect to exp5ditures made = !       
rehabilitation ( prop]ty id5tifi$ by su*
 laws1 &  7#b7 c be allocat$1 dispos$1  
or refund$ "u su* laws4  4  7b7 ,cl]ical
 am5dm5t ,! table ( sections = su* "p   
,,iii is am5d$ by ins]t+ aft] ! item    
relat+ to section #aci;,d ! foll[+ new  
item3  ,sec4 #aci;,e4 ,dispositions (   
,/ate hi/oric tax cr$its44  7c7         
,effective ,date ,?is section %all apply
 to transf]s or dispositions made1 or   

refunds receiv$1 aft] ! date ( !        
enactm5t ( ?is ,act4