SECTION 1. PURPOSE

This revenue procedure provides the time and manner for states to make allocations under § 1400I of the Internal Revenue Code of commercial revitalization expenditure amounts to a new or substantially rehabilitated building that is placed in service in a renewal community. This revenue procedure also explains how a taxpayer may make an election under § 1400I(a) to recover the cost of the building using a more accelerated method than is otherwise allowable under the depreciation provisions in § 168.