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1. The commissioner shall promulgate rules and regulations necessary to administer the provisions of this act. 2. The provisions of section 42 of the internal revenue code shall apply to the credit under this article, provided however, to the extent such provisions are inconsistent with this article, the provisions of this article shall control. 3. The allocation of the credit established by this article may be made without regard to and in a separate manner from any federal low-income housing credit that may be allocated with respect to an eligible low-income building.