SIMPLIFICATION OF RULE WHERE PARTNERSHIP HOLDS QUALIFIED LOW-INCOME BUILDING.

SEC. 4004. SIMPLIFICATION OF RULE WHERE PARTNERSHIP HOLDS QUALIFIED LOW-INCOME BUILDING. (a) In General.— Subparagraph (B) of section 42(j)(5) of the 1986 Code, as amended by title I of this Act, is amended to read as follows: “(B) Partnerships to which paragraph applies.— This paragraph shall apply to any partnership which has 35 or more partners unless the partnership elects not to have this paragraph apply.” (b) Effective Dates.— (1) In general.— The amendment made by subsection (a) shall take effect as if included in the amendments made by section 252 of the Reform Act. (2) Period for election.— The period for electing not to have section 42(j)(5) of the 1986 Code apply to any partnership shall not expire before the date which is 6 months after the date of the enactment of this Act.