Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. 15-YEAR RECOVERY PERIOD FOR DEPRECIATION OF DESIGNATED LOW-
INCOME BUILDINGS.

(a) In General.--Subparagraph (E) of section 168(e)(3) of the
Internal Revenue Code of 1986 (relating to 15-year property) is amended
by striking ''and'' at the end of clause (vii), by striking the period
at the end of clause (viii) and inserting '', and'', and by adding at
the end the following new clause:
''(ix) any designated low-income
building.''
(b) Designated Low-Income Building.--Subsection (e) of section 168
of such Code (relating to classification of property) is amended by
adding at the end the following new paragraph:
''(8) Designated low-income building.--
''(A) In general.--The term 'designated low-income
building' means any building which is a qualified low-
income building (as defined in section 42(c)(2)) if--
''(i) no housing credit dollar amount has
been allocated to such building under section
42(h), and
''(ii) the taxpayer has made the election
described in subparagraph (B) with respect to
such building.
''(B) Election.--An election is described in this
subparagraph if made by the taxpayer at such time and
in such manner as the Secretary may prescribe. Any
election under the preceding sentence, once made, shall
be irrevocable.
''(C) Coordination with low-income housing
credit.--No credit shall be allowed under section 42
with respect to any designated low-income building.
''(D) Recapture of accelerated depreciation.--A
designated low-income building which ceases to be a
qualified low-income building (as defined in section
42(c)(2)) at any time during the recapture period
shall, under regulations prescribed by the Secretary,
be treated as though paragraph (3)(E)(iv) were never
enacted. The statutory period for the assessment of any
deficiency attributable to this subparagraph shall not
expire before the expiration of the 1-year period
beginning on the date the Secretary is notified by the
taxpayer (in such manner as the Secretary may
prescribe) of the change in status of such building.
For purposes of this subparagraph, the term 'recapture
period' has the meaning given the term 'compliance
period' under section 42(i)(1) except '20 taxable
years' shall be substituted for '15 taxable years'.''.
(c) Alternative Depreciation System.--The table contained in
section 168(g)(3)(B) of such Code is amended by inserting after the
item relating to subparagraph (E)(viii) the following:

''(E)(ix)...................................................... 20''.
(d) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.

SEC. 2. QUALIFIED LOW-INCOME BUILDINGS NOT SUBJECT TO LIMITATION ON
PASSIVE ACTIVITY LOSSES AND CREDITS.

(a) In General.--Section 469 of the Internal Revenue Code of 1986
(relating to passive activity losses and credits limited) is amended by
redesignating subsections (l) and (m) as subsections (m) and (n),
respectively, and by inserting after subsection (k) the following new
subsection:
''(l) Special Rule for Qualified Low-Income Buildings.--Subsection
(a) shall not apply to that portion of the passive activity loss and
passive activity credit for any taxable year which is attributable to
any qualified low-income building (as defined in section 42(c)(2)).''.
(b) Conforming Amendments.--
(1) Paragraph (3) of section 469(i) of such Code is amended
by striking subparagraph (D) and by redesignating subparagraphs
(E) and (F) as subparagraphs (D) and (E), respectively.
(2) Subparagraph (D) of section 469(i) of such Code (as so
redesignated) is amended to read as follows:
''(D) Ordering rules to reflect exceptions and
separate phase-outs.--If subparagraph (B) or (C)
applies for a taxable year, paragraph (1) shall be
applied--
''(i) first to the portion of the passive
activity loss to which subparagraph (C) does
not apply,
''(ii) second to the portion of such loss
to which subparagraph (C) applies,
''(iii) third to the portion of the passive
activity credit to which subparagraph (B) does
not apply, and
''(iv) fourth to the portion of such credit
to which subparagraph (B) applies.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.
A:
Amends the Internal Revenue Code to: (1) allow a 15-year recovery period for depreciation of designated low-income buildings eligible for the low-income housing tax credit; and (2) waive limitations on passive activity losses and credits for such buildings.