Extension of period to revoke election to issue mortgage credit certificates

(a) In general Section 25(c)(2) is amended by adding at the end the following: (C) Revocation of election to issue mortgage credit certificates (i) In general For purposes of any election made by an issuing authority under subparagraph (A)(ii) during any calendar year, such issuing authority may subsequently elect to reduce the nonissued bond amount (as defined in subsection (d)(2)(B)) for such calendar year, provided that such election is made not later than the end of the succeeding calendar year. (ii) Coordination with private activity bond carryforward limitation Under rules established by the Secretary, nothing in clause (i) shall be construed to permit an issuing authority to issue bonds under section 146(f)(3) for a calendar year after the close of the period prescribed for issuing such bonds under such section.. (b) Effective date The amendment made by this section shall apply to elections made by an issuing authority under section 25(c)(2)(A)(ii) of the Internal Revenue Code of 1986 after December 31, 2025.