BLAIR LEE III, Acting Governor

1073

taxable year, reduced by any amounts allowed or allowable as
depreciation or amortization allowable thereto, exceeds the
greater of the adjusted basis of the property or $5,000.
The adjusted basis of the property shall be determined as of
the beginning of the first day of the 24—month period, or of
the holding period of the property (within the meaning of §
1250 (c) of the Internal Revenue Code), whichever is later.]

[(f) "Conservation purposes" means the preservation of
historically important land areas or structures.]

[(g)](E) Every person is entitled to deduction with
respect to the amortization of the amortizable basis of any
certified NONDEPRECIABLE historic structure based on a
period of [120] 60 months. This amortization deduction
shall be an amount, with respect to each month of the period
within the taxable year, equal to the amortizable basis at
the end of such month divided by the number of months
(including the month for which the deduction is completed)
remaining in the period. The amortizable basis at the end
of the month shall be computed without regard to the
amortization deduction for the month. [The amortization
deduction provided by this section with respect to any month
shall be in lieu of the depreciation deduction with respect
to such basis for such month provided by § 167 of the
Internal Revenue Code. The 120-month] THE 60-MONTH period
shall begin, as to any historic structure, at the election
of the taxpayer, with the month following the month in which
the basis is acquired, or with the succeeding taxable year.

[(h)](F) The election of the taxpayer to take the
amortization deduction and to begin the [120—month] 60—MONTH
period with the month following the month in which the basis
is acquired, or with the taxable year succeeding the taxable
year in which the basis is acquired, shall be made by filing
a statement of the election with the State Comptroller or
his delegate, in a manner and within a time period as the
State Comptroller or his delegate may prescribe by
regulation.

[(i) A taxpayer who has elected under subsection (h) to
take the amortization deduction provided in subsection (g)
may discontinue, at any time after making the election, the
amortization deduction with respect to the remainder of the
amortization period, the discontinuance to begin as of the
beginning of any month specified by the taxpayer in a notice
in writing filed with the State Comptroller or his delegate
before the beginning of the month. The depreciation
deduction provided under § 167 of the Internal Revenue Code
shall be allowed, beginning with the first month as to which
the amortization deduction does not apply, and the taxpayer
is not entitled to any further amortization deduction under
this section with respect to the certified historic
structure.

(j) Notwithstanding the provisions of subsection (b) of
this section, any depreciation deduction provided by § 167
of the Internal Revenue Code is allowed with respect to the