[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1837 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1837

 To amend the Internal Revenue Code of 1986 to provide that low-income 
   housing shall not be ineligible for the larger low-income housing 
   credit by reason of assistance provided under the HOME Investment 
               Partnerships Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 22, 1993

  Mr. Rangel introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide that low-income 
   housing shall not be ineligible for the larger low-income housing 
   credit by reason of assistance provided under the HOME Investment 
               Partnerships Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LOW-INCOME HOUSING NOT TREATED AS FEDERALLY SUBSIDIZED BY 
              REASON OF ASSISTANCE UNDER HOME INVESTMENT PARTNERSHIPS 
              ACT.

    (a) In General.--Subparagraph (D) of section 42(i)(2) of the 
Internal Revenue Code of 1986 (relating to determination of whether 
building is federally subsidized) is amended by inserting before the 
period ``or assistance provided under the HOME Investment Partnerships 
Act''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to--
            (1) determinations under section 42 of the Internal Revenue 
        Code of 1986 with respect to housing credit dollar amounts 
        allocated from State housing credit ceilings for years after 
        1992, or
            (2) buildings placed in service after December 31, 1992, to 
        the extent paragraph (1) of section 42(h) of such Code does not 
        apply to any building by reason of paragraph (4) thereof, but 
        only with respect to bonds issued after such date.

SEC. 2. TREATMENT OF PARTNERSHIP INVESTMENT EXPENSES UNDER MINIMUM TAX.

    (a) General Rule.--Subparagraph (A) of section 56(b)(1) of the 
Internal Revenue Code of 1986 (relating to limitation on deductions) is 
amended to read as follows:
                    ``(A) Disallowance of certain deductions.--
                            ``(i) In general.--No deduction shall be 
                        allowed--
                                    ``(I) for any miscellaneous 
                                itemized deduction (as defined in 
                                section 67(b)), or
                                    ``(II) for any taxes described in 
                                paragraph (1), (2), or (3) of section 
                                164(a).
                            ``(ii) Treatment of partnership investment 
                        expenses.--Subclause (I) of clause (i) shall 
                        not apply to the taxpayer's distributive share 
                        of the expenses described in section 212 of any 
                        partnership; except that the aggregate amount 
                        allowed as a deduction by reason of this 
                        sentence shall not exceed the lesser of (I) the 
                        aggregate adjusted investment income of the 
                        taxpayer from partnerships, or (II) the excess 
                        of the aggregate of the taxpayer's distributive 
                        shares of such expenses over 2 percent of 
                        adjusted gross income. For purposes of the 
                        preceding sentence, the term `adjusted 
                        investment income' means investment income (as 
                        defined in section 163(d)(4)(B)) reduced by 
                        investment interest (as defined in section 
                        163(d)(3)).
                            ``(iii) Treatment of certain taxes.--
                        Subclause (II) of clause (i) shall not apply to 
                        any amount allowable in computing adjusted 
                        gross income.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 1993.

SEC. 3. SPECIAL RULES FOR RENTAL USE OF DWELLING FOR LESS THAN 15 DAYS 
              PER YEAR.

    (a) In General.--Section 280A of the Internal Revenue Code of 1986 
is amended by striking subsection (g) and inserting:
    ``(g) Special Rule for Certain Rental Use.--Notwithstanding any 
other provision of this section or section 183, if the principal 
residence of the taxpayer is actually rented for less than 15 days 
during the taxable year for the purpose of providing accommodations to 
visitors to an event for which commercial rental accommodations in the 
community holding the event are not sufficient to reasonably provide 
more than one-half of the accommodations necessary (and the rental 
income received by the taxpayer for any visitor is not greater than a 
reasonable rental rate charged per individual guest by commercial 
rental accommodations), then--
            ``(1) no deduction otherwise allowable under this chapter 
        because of the rental use of such dwelling unit shall be 
        allowed, and
            ``(2) the income derived from such use for the taxable year 
        shall not be included in the gross income of such taxpayer 
        under section 61.
    ``(h) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section, 
including regulations providing such de minimis rules as the Secretary 
may deem appropriate.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

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