WILLIAM DONALD SCHAEFER, Governor                    Ch. 341

[(e)] (F) 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
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 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.

[(f)] (G) The election of the taxpayer to take the
amortization deduction and to begin the 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987 and shall be applicable to all taxable
years beginning after December 31, 1986.

Approved May 14, 1987.

CHAPTER 341

(Senate Bill 350)

AN ACT concerning

Mortgage Bankers and Brokers - Agreements with Borrowers

FOR the purpose of requiring mortgage bankers and mortgage
brokers to provide certain information to borrowers
concerning certain mortgage loans offered or to be extended;
providing certain deadlines for presentation of information;
permitting written waiver of certain requirements if certain
conditions are met; defining terms; providing penalties for
certain violations; and generally relating to required
information in certain agreements between mortgage bankers
or brokers and borrowers.

BY renumbering

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