corporations (a) In general Subparagraph (B) of section 216(b)(1) of the Internal Revenue Code of 1986 is amended by inserting or land, after building, . (b) Effective date The amendment made by subsection (a) shall apply to amounts paid or accrued after December 31, 2016. 5. Use of mortgage interest savings to increase low-income housing tax credit (a) In general Subclause (I) of section 42(h)(3)(C)(ii) of the Internal Revenue Code of 1986 is amended by striking $1.75 ($1.50 for 2001) and inserting $2.70 . (b) Inflation adjustment Subparagraph (H) of section 42(h)(3) of such Code is amended to read as follows: (H) Cost-of-living adjustment (i) In general In the case of a calendar year after 2002, the $2,000,000 amount in subparagraph (C) shall be increased by an amount equal to— (I) such dollar amount, multiplied by (II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting calendar year 2001 for calendar year 1992 in subparagraph (B) thereof. (ii) Per capita amount In the case of a calendar year after 2017, the $2.70 amount in subparagraph (C) shall be increased by an amount equal to— (I) such dollar amount, multiplied by (II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting calendar year 2016 for calendar year 1992 in subparagraph (B) thereof. (iii) Rounding (I) In the case of the $2,000,000 amount, any increase under clause (i) which is not a multiple of $5,000 shall be rounded to the next lowest multiple of $5,000. (II) In the case of the $2.70 amount, any increase under clause (ii) which is not a multiple of 5 cents shall be rounded to the next lowest multiple of 5 cents. . (c) Eligible basis Clause (i) of section 42(d)(5)(B) of such Code is amended by striking and at the end of subclause (I), by striking the period at the end of subclause (II) and inserting , and , and by adding at the end the following: (III) in the case of a building containing units which are designated to serve extremely low-income